SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549



                                  FORM 10-QSB



   [x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                             EXCHANGE ACT OF 1934
               For the quarterly period ended   December 31, 2001


  [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                             EXCHANGE ACT OF 1934
       For the transition period from                  to                 .




                       Commission file number  0-13757



                          GALLERY OF HISTORY, INC.
      (Exact Name of Small Business Issuer as Specified in Its Charter)



              Nevada                                       88-0176525
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                         Identification No.)



3601 West Sahara Avenue, Las Vegas, Nevada                 89102-5822
(Address of principal executive offices)                   (Zip Code)



                  Issuer's telephone number:   (702) 364-1000



Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past
12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.      [X]  Yes        [ ]  No



The Registrant had 5,625,984 shares of Common Stock, par value $.0005,
outstanding as of February 1, 2002.




                      Part 1  -  FINANCIAL INFORMATION
                      --------------------------------

               GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
                     CONSOLIDATED  BALANCE  SHEETS
______________________________________________________________________
                                         DECEMBER 31,    SEPTEMBER 30,
                                             2001           2001
                                          UNAUDITED
                                         -----------     ------------
               ASSETS
Cash                                     $     2,567     $     7,957
Accounts receivable                           17,558          32,260
Prepaid expenses                              83,316          46,792
Documents owned                            6,786,719       6,773,133
Land and building-net                      1,265,859       1,278,485
Property and equipment-net                   434,602         473,161
Other assets                                 122,059         123,792
                                          ----------      ----------
TOTAL ASSETS                             $ 8,712,680     $ 8,735,580

                                          ==========      ==========



            LIABILITIES
Accounts payable                         $   108,727     $    58,398
Notes payable                              1,667,565       1,619,991
Indebtedness to related parties            2,492,721       2,385,239
Deposits                                       9,523          10,253
Accrued and other liabilities                170,760         164,193
                                          ----------      ----------
TOTAL LIABILITIES                          4,449,296       4,238,074
                                          ----------      ----------


        STOCKHOLDERS' EQUITY
Common stock: $.0005 par value;
  20,000,000 shares authorized;
  11,935,308 shares issued
  and outstanding                              5,968           5,968
Additional paid-in-capital                 9,848,905       9,813,072
Deferred compensation                        (64,238)        (85,830)
Accumulated deficit                       (2,518,580)     (2,227,033)
Common stock in treasury (6,309,324
   shares), at cost                       (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 4,263,384       4,497,506
                                          ----------      ----------

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 8,712,680     $ 8,735,580
                                          ==========      ==========


See the accompanying notes to consolidated financial statements.





              GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
            CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
__________________________________________________________________________

                                                  THREE MONTHS ENDED
                                                     DECEMBER 31,
                                                 2001           2000
                                              ---------      ---------
REVENUES                                      $ 292,760      $ 312,386

COST OF REVENUES                                155,326        141,771
                                               --------       --------
GROSS PROFIT                                    137,434        170,615
                                               --------       --------

OPERATING EXPENSES:
  Selling, general and administrative           294,142        350,777
  Depreciation                                   39,187         43,732
  Advertising                                     3,789          8,639
  Maintenance and repairs                        24,169          9,046
                                               --------       --------
TOTAL OPERATING EXPENSES                        361,287        412,194
                                               --------       --------

OPERATING LOSS                                 (223,853)      (241,579)
                                               --------       --------

OTHER INCOME (EXPENSE):
  Interest expense                              (80,718)       (81,406)
  Other                                          13,024         49,230
                                               --------       --------
TOTAL OTHER INCOME (EXPENSE)                    (67,694)       (32,176)
                                               --------       --------

LOSS BEFORE INCOME TAXES                       (291,547)      (273,755)

PROVISION FOR INCOME TAXES                         --             --
                                               --------       --------

NET LOSS                                      $(291,547)     $(273,755)
                                               ========       ========



LOSS PER SHARE:
  Basic                                           $(.05)         $(.05)
                                                   ====           ====
  Diluted                                         $(.05)         $(.05)
                                                   ====           ====




   See the accompanying notes to consolidated financial statements.





                 GALLERY OF HISTORY, INC. and SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF CASH FLOWS  -  UNAUDITED
__________________________________________________________________________
                                           THREE MONTHS ENDED DECEMBER 31,
                                                 2001           2000
                                               --------       --------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Loss                                    $(291,547)     $(273,755)
  Adjustments to reconcile net loss
   to net cash used for
   operating activities:
     Depreciation and amortization               52,366         56,693
     Loss on disposal of property                  --            1,520
     Common stock issued for services            57,425         39,452
     (Increase) decrease in:
       Accounts receivable                       14,702         53,000
       Prepaid expenses                         (36,524)       (25,839)
       Documents owned                          (13,586)        33,759
       Other assets                               1,733          2,810
     (Decrease) increase in:
       Accounts payable                          50,329         32,393
       Deposits                                    (730)        (1,197)
       Accrued and other liabilities              6,567         10,030
                                               --------       --------
Net cash used for operating activities         (159,265)       (71,134)


CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment             (1,181)       (22,512)


CASH FLOWS FROM FINANCING ACTIVITIES:
  Net borrowings from credit
    facilities and related parties              155,056         76,259
                                               --------       --------

NET DECREASE IN CASH                             (5,390)       (17,387)

CASH, BEGINNING OF PERIOD                         7,957         30,138
                                               --------       --------
CASH, END OF PERIOD                           $   2,567      $  12,751
                                               ========       ========




SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
For the three month period ended December 31, 2000:
  (1)  Documents with a net cost of $128,131 were exchanged for a reduction
       in related party debt of $143,578.




See the accompanying notes to consolidated financial statements.




                   GALLERY OF HISTORY, INC.  and SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
               Three Month Period Ended December 31, 2001 and 2000
_____________________________________________________________________________

     1)  Summary of Significant Accounting Policies
The consolidated financial statements included herein have been prepared
by Gallery of History, Inc. (the "Company"), without audit, pursuant to
the rules and regulations of the Securities and Exchange Commission.  In
the opinion of management, all adjustments, consisting of normal
recurring items, necessary for a fair presentation of the results for
the interim periods have been made.  Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations.  It is
suggested that these consolidated financial statements are read in
conjunction with the financial statements and the notes thereto included
in the Company's 2001 Annual Report on Form 10-KSB.

     2)  Unclassified Balance Sheet
The Company includes in its financial statements an unclassified balance
sheet because it believes that such presentation is more meaningful as a
consequence of the Company's historical policy of acquiring documents in
excess of its current needs, when feasible, and it is not practicable to
determine what portion of the documents owned will be sold within the
next twelve months.

     3)  Repurchase of Common Stock
In fiscal 2000, the Company purchased 22,500 shares of its common stock
at an average price of $3.61 a share.

     4)  Earnings per Share
The computation of earnings or loss per share is based on the weighted
average number of shares of common stock outstanding and stock options
granted that are outstanding, if applicable.  To derive basic earnings
per share, the weighted average number of shares outstanding for the
quarter periods ended December 31, 2001 and 2000 were 5,584,318 and
5,550,983, respectively.  Because of the Company's loss, no potential
dilution has been considered; therefore the weighted average number of
shares for diluted earnings per share is the same as the basic earnings
per share.

     5)  Restricted Common Stock
In April 2000, the Company entered into a consultant agreement with an
expert investment banker and money manager.  As compensation for the
consulting services rendered, the Company has issued 100,000 restricted
shares of its common stock which will vest over the three year term of
the agreement.  As of December 31, 2001, 58,333 shares have vested and
the remaining 41,667 shares are restricted.  The total 100,000 shares
have been included in the Common Stock Issued and Outstanding presented
in the Company's Balance Sheet.  Additionally, $64,238 of deferred
compensation was recorded to reflect the unvested balance of the shares
as of December 31, 2001.






                   Part 1 - Item 2  Financial Information
                    MANAGEMENT'S DISCUSSION AND ANALYSIS
               FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Liquidity and Capital Resources
-------------------------------
Due to the nature of the Company's inventory of documents owned,
the Company has presented an unclassified balance sheet (see Note 2 to
the consolidated financial statements).  Accordingly, the traditional
measures of liquidity in terms of changes in working capital are not
applicable.

Negative cash flows from operating activities related primarily due
to the net operating loss incurred in the first three month period of
fiscal 2002.  Prepaid expenses increased due to prepayment of audit
fees.  In addition, document inventory purchases increased due to the
availability of some appealing documents to enhance the Company's
inventory.  Document purchases totaled approximately $87,000 for the
three month period ended December 31, 2002.  Offsetting the decrease in
cash from operating activities was an increase in account payable
resulting from the billings of document purchases not yet due.

The Company has available a line of credit from its bank in the
amount of $100,000 at an interest rate of 1.5% over the prime rate with
a maturity date of August 2, 2002.  Loans under the line are secured by
the Company's inventory.  As of December 31, 2001, the Company had
available $10,000 under this line of credit.  In March 1999, the Company
borrowed $1,000,000 from Mr. Axelrod.  This note is due April 30, 2002,
with interest payments monthly at a rate of 8%.  The purpose of this
note was to reduce the Company's outstanding line of credit and to
finance its stock repurchase program.  The Company has also borrowed
additional funds during the period, when necessary, from Mr. Axelrod.
The Company pays the same interest rate as its bank revolving line of
credit and has an outstanding balance of $1,492,721 as of December 31,
2001 on these additional borrowed funds.

In November 2000, Todd Axelrod acquired 157 documents from the
Company for his personal use.  The cost of the documents amounted to
$140,131.  The Company obtained an outside specialist to perform an
independent appraisal of the documents involved.  The amount of the
appraisal was $152,500.  The Company offset this amount against debt
owing Mr. Axelrod.  The Company also purchased three documents from Mr.
Axelrod for a cost to the Company of $12,000.  The three documents had
an appraised value of $18,000.  In addition to reducing the Company's
debt to Mr. Axelrod, this transaction also reduced its framed document
inventory that was produced for the gallery operations that have since
been discontinued.

The Company believes that its current cash and working capital
requirements will be met by appropriately managing the timing and amount
of new document acquisitions, generating revenues from its operations,
drawing amounts available under its existing line of credit facilities,
seeking additional borrowings or advances against its documents
inventory and borrowing amounts from Todd Axelrod, as required.  Mr.
Axelrod has, to the extent of his reasonable ability to do so, committed
to continue funding or guarantee additional debt, should it be required,
through September 30, 2002.



Results of Operations
---------------------

Document revenues decreased 6% comparing December 31, 2001 to
December 31, 2000  Auction revenues decreased 25% comparing the three
month periods, however retail revenues from the Company's headquarters
increased 115% comparing the periods.  Retail revenues amounted to 31%
of total revenues for the period ended December 31, 2001 compared to 13%
of total revenues for the period ended December 31, 2000.  The decrease
in total revenues can be attributed to increased competition in the
auction market and the economy slowdown in general.  The average number
of winning bidders decreased 15% comparing the two auctions in the
quarter ended December 31, 2001 to that of 2000.  The number of units
sold decreased 14% comparing the two periods.  The increase in retail
revenues generated can be attributed to the increased exposure on the
internet.

Total cost of revenues increased to 53% of revenues for the quarter
ended December 31, 2001 compared to 45% of revenues for the quarter
ended December 31, 2000.  Document costs increased 20% comparing the two
quarter periods and were 25% of revenues for the quarter period in 2001,
compared to 20% of revenues for the quarter period in 2000.  The
increase in cost can be attributed to lower average sales pricing in the
current quarter.  Cost of catalogs increased 2% comparing the quarters
to 28% of revenues for the quarter ended December 31, 2001 compared to
26% of revenues for the December 2000 quarter.  Comparing the two
quarter periods, the cost of catalogs remained approximately the same,
however, the cost of mailing increased by 15%.

Total operating expenses decreased 12% for the three month period
ended December 31, 2001 compared to the quarter ended December 31, 2000.
Selling, general and administrative expenses decreased 16% comparing the
quarter periods.  The reduction was largely due to a decrease in
salaries and associated payroll taxes that was 37% lower comparing the
quarters.  The principal owners of the Company have temporarily
discontinued taking compensation to assist the Company with cash flows.
Depreciation decreased 10% to 13% of revenues for the quarter ended
December 31, 2001 compared to 14% of revenues for the quarter ended
December 31, 2000.  The decrease is due to assets becoming fully
depreciated in the current quarter.  Advertising expense decreased 56%
comparing the quarter periods to 1% of revenues for 2001 compared to 3%
of revenues in 2000.  This decrease is a result of a new contract with a
major advertiser of the Company.  Maintenance and repair expenses
increased to 8% of revenues in the quarter ended December 31, 2001
compared to 3% of revenues in the previous year quarter.  The increase
is a result of the Company's expenditure for a software consultant to
maintain its auction and inventory software programs.

Interest expense decreased 1% comparing the quarter periods mainly due
to lower interest rates.  Other income is largely the result of the
rental operation for the Company's headquarters building.  The amount in
the prior quarter period included a lease buyout option that was
exercised.






                         Part II - Other Information


Item 1-5.	None.
Item 6.		Exhibits and Reports on Form 8-K.
                (a)  Exhibits.
                     (27)  Financial Data Schedule.
                (b)  Reports on Form 8-K.     None.






                                  SIGNATURES



In accordance with the requirements of the Securities Exchange Act
of 1934, the registrant caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.




                                     Gallery of History, Inc.
                                     _______________________________
                                     (Registrant)




Date   February 14, 2002             /s  Todd M. Axelrod
       ______________________        ________________________________
                                     Todd M. Axelrod
                                     President and
                                     Chairman of the Board
                                     (Principal Executive Officer)



Date   February 14, 2002             /s  Rod Lynam
       ______________________        _______________________________
                                     Rod Lynam
                                     Treasurer and Director
                                     (Principal Accounting Officer)