The old directories are cold cash for four local schools participating in the NorthwesTel 2003 Directory Recycling program.
School's can achieve one of three levels of recycling recognition.
The Green level is $200 for collecting one directory per student, Jade is $500 for 1.25 directories per student and Emerald is $750 for two directories per student.
Last year Weledeh Catholic school and Ecole St. Joseph collectively earned $1,750 toward school activities.
This year Weledeh, Ecole St. Joseph, Mildred Hall and Kalemi Dene schools are collecting.
Kalemi Dene Grade 5/6/7 teacher Stephen Smith took up the initiative for the first time as part of a bigger class-wide recycling program.
Smith's 18 students collected more than 100 old phone books within the first day. The students also volunteered to give out the new directory.
"It was good because we showed the community we cared," said Smith.
"It got the school outside of the school."
To date they've collected 160 old directories and given out about 150 new ones. With 70 students in the school, they'll be eligible for the $750 prize.
Smith said the school hopes to use the money for a class trip and for the Girl's Circle Group. The contest ends April 11 and is open to new participants.
The City of Yellowknife will deliver the directories to NorthwesTel to be shipped south for recycling.