The IC 1396N cometary globule within the large nearby HII region IC 1396 has been observed with the ACIS detector on board the Chandra X-ray Observatory. We detect 117 X-ray sources, of which ~50-60 are likely members of the young open cluster Trumpler~37 dispersed throughout the HII region, and 25 are associated with young stars formed within the globule. Spitzer/2MASS photometry shows the X-ray population is very young: 3 older Class III stars, 16 classical T Tauri stars, 6 protostars including a Class 0/I system. We infer a total T Tauri population of ~30 stars in the globule, including the undetected population, with a star formation efficiency of 1-4%. An elongated source spatial distribution with an age gradient oriented towards the exciting star is discovered in the X-ray population of IC 1396N, supporting similar findings in other cometary globules. The geometric and age distribution is consistent with the RDI model for triggered star formation in CGs by HII region shocks. The inferred velocity of the shock front propagating into the globule is ~0.6km/s. The large number of X-ray-luminous protostars in the globule suggests either an unusually high ratio of Class I/0 vs. Class II/III stars, or a non-standard IMF favoring higher mass stars by the triggering process. The Chandra source associated with the luminous Class 0/I protostar IRAS 21391+5802 is one of the youngest stars ever detected in the X-ray band. We also establish for the first time that the X-ray absorption in protostars arises from the local infalling envelopes rather than ambient molecular cloud material.

50 pages, 11 figures, 6 tables, accepted for publication in ApJ 09/11/06