The 15-year-old is charged with one count each of producing, possessing and uttering counterfeit money.
Last week, similar charges were laid against a 17-year-old after he tried to use a fake bill at a downtown convenient store.
A subsequent police investigation revealed nearly $900 in fake cash, which was produced on an inkjet printer.
Police say the teens printed the counterfeit money so they could travel to Edmonton and buy Christmas presents.
"It wasn't a big conspiracy," said RCMP Const. Kerri Riehl.
"It was just some kids fooling around." Riehl said investigators believe they have seized all of the fake cash and aren't expecting to lay any more charges.
The teens will appear in youth justice court Jan. 12.
The Yellowknife Chamber of Commerce is warning business to be on the lookout for counterfeit money, some of which has made it all the way to the bank.