UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                  FORM 10-QSB


((Mark one)
[x]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934
For the quarterly period ended   December 31, 2007


[ ]  TRANSITION REPORT UNDER 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.
           (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)


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


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

Indicate by check mark whether the registrant is a shell company (as defined
in rule 12b-2 of the Exchange Act).                     [ ]  Yes       [x] No

                    APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
The registrant had 5,625,984 shares of Common Stock, par value $.0005
outstanding as of February 1, 2008.

Transitional Small Business Disclosure Format (Check one):  Yes [ ]   No [x]


                      Part 1  -  FINANCIAL INFORMATION

             GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
                     CONSOLIDATED  BALANCE  SHEETS
_____________________________________________________________________________
                                         DECEMBER 31,   SEPTEMBER 30,
                                             2007           2007
                                         (Unaudited)
                                          ---------      -----------
               ASSETS
Cash                                     $     4,326     $     1,517
Inventory of documents                     6,407,787       6,423,831
Deferred tax assets                        1,339,842       1,339,842
Property and equipment, net                1,032,563       1,047,455
Other assets                                  65,640          61,394
                                          ----------      ----------
TOTAL ASSETS                             $ 8,850,158     $ 8,874,039
                                          ==========      ==========


            LIABILITIES AND
         STOCKHOLDERS' EQUITY

Accounts payable                         $    42,987     $    39,339
Notes payable:
  Majority stockholder                     2,013,532       1,895,226
  Other                                    1,098,516       1,168,781
Preferred stock dividend payable             147,620         147,620
Other liabilities                             80,778          79,374
                                          ----------      ----------
TOTAL LIABILITIES                          3,383,433       3,330,340
                                          ----------      ----------

Common stock: $.0005 par value;
  20,000,000 shares authorized;
  11,935,308 shares issued                     5,968           5,968
Preferred stock: $.0005 par value;
  4,000,000 shares authorized;
  1,615,861 shares issued (liquidation
  value at December 31, 2007 and
  September 30, 2007, $3,379,342
  including cumulative unpaid
  dividends in arrears of $147,620)              808             808
Additional paid-in capital                14,308,637      14,291,362
Deficit                                   (5,840,017)     (5,745,768)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 5,466,725       5,543,699
                                          ----------      ----------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 8,850,158     $ 8,874,039
                                          ==========      ==========



See the accompanying notes to consolidated financial statements.
_____________________________________________________________________________



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

                                                  THREE MONTHS ENDED
                                                     DECEMBER 31,
                                                 2007           2006
                                                 ----           ----

REVENUES                                     $  178,417     $  230,191

COST OF REVENUES                                 15,963         18,962
                                              ---------      ---------
GROSS PROFIT                                    162,454        211,229
                                              ---------      ---------

OPERATING EXPENSES:
  Selling, general and administrative           233,068        190,439
  Depreciation                                    9,252          9,908
                                              ---------      ---------
TOTAL OPERATING EXPENSES                        242,320        200,347
                                              ---------      ---------

OPERATING INCOME (LOSS)                         (79,866)        10,882
                                              ---------      ---------

OTHER INCOME (EXPENSE):
  Interest expense:
    Majority shareholder                        (22,656)       (19,698)
    Other                                       (23,339)       (27,288)
  Rental income, net of related expenses         25,112         27,683
  Other                                           6,500             19
                                              ---------      ---------
TOTAL OTHER EXPENSE                             (14,383)       (19,284)
                                              ---------      ---------


NET LOSS                                     $  (94,249)    $   (8,402)
                                              =========      =========





BASIC AND DILUTED LOSS PER SHARE                  $(.02)          --
                                                   ====


WEIGHTED AVERAGE SHARES OUTSTANDING           5,625,984      5,625,984
                                              =========      =========




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,
                                                   2007           2006
                                                 --------       --------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                     $ (94,249)     $  (8,402)
  Adjustments to reconcile net loss
  to net cash used for operating activities:
    Depreciation                                   9,448         16,776
    Contributed services of majority shareholder   8,253          8,253
    Stock-based compensation                       9,021           --
    Increase in operating (assets) liabilities:
      Inventory of documents                      16,044         25,298
      Other assets                                (4,246)         5,287
      Accounts payable                             3,648         (6,550)
      Other liabilities                            1,404        (11,741)
                                                --------       --------
 Net cash provided by (used in) operating
  activities                                     (50,677)        28,921
                                                --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of equipment                           (1,056)       (10,872)
  Proceeds from sale of property and equipment     6,500           --
                                                --------       --------
Net cash provided by (used for) investing
  activities                                       5,444        (10,872)
                                                --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                         119,985         30,546
    Other                                         36,000         70,000
  Repayments of borrowings:
    Majority stockholder                          (1,678)        (3,711)
    Other                                       (106,265)      (110,043)
                                                --------       --------
 Net cash provided by (used in) financing
  activities                                      48,042        (13,208)
                                                --------       --------

NET INCREASE IN CASH                               2,809          4,841

CASH, BEGINNING OF PERIOD                          1,517          1,738
                                                --------       --------
CASH, END OF PERIOD                            $   4,326      $   6,579
                                                ========       ========


SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during period for interest           $  45,995      $  46,715
                                                ========       ========

See the accompanying notes to consolidated financial statements.
_____________________________________________________________________________



                   GALLERY OF HISTORY, INC.  and SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
_____________________________________________________________________________

Basis of Presentation
---------------------
       The consolidated financial statements as of December 31, 2007,
and for the three month periods ended December 31, 2007 and 2006,
included herein have been prepared by Gallery of History, Inc. and
subsidiaries (the Company), without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission applicable to
interim financial information.  Certain information and note
disclosures normally included in financial statements prepared in
accordance with accounting principles generally accepted in the
United States have been condensed or omitted pursuant to such rules
and regulations.  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.
It is suggested that these consolidated financial statements be read
in conjunction with the audited financial statements and the notes
thereto included in the Company's 2007 Annual Report on Form 10-KSB,
from which the September 30, 2007, balance sheet information is
derived.

Preferred Stock
---------------
       The Series A Convertible Preferred Stock earns dividends at the
annual rate of 3% applied to the liquidation value, and payable semi-
annually so long as resources are legally available for that purpose
(unless waived by the holder).  Unpaid dividends are cumulative, are
added to the liquidation value (upon which the annual dividend rate
is applied), and are preferential in the event of liquidation and
with respect to any dividends or other distributions to common
stockholders.  The Preferred Stock is non-voting (except as may be
required by law) and convertible at any time at the option of the
holder at a fixed rate of one common share for every $2 in
liquidation value, as adjusted, per share of Preferred Stock at the
time of conversion, subject to adjustment in the event of future
increases or decreases in the number of outstanding shares of Common
Stock for a price other than the then conversion price of the
Preferred Stock or in the event of issuance of certain other
securities.  As of December 31, 2007 and 2006, a total of 1,689,671
and 1,640,099 shares of Common Stock were issuable upon conversion of
the Preferred Stock.

Revenue-sharing Arrangement
---------------------------
       Since October 2006, the Company's principal officer and majority
shareholder, Mr. Todd Axelrod, has purchased documents from outside
sources for his own account with personal funds.  The Company may
have been interested in acquiring some or all of the items; however,
management believed that the Company lacked sufficient liquidity to
assume the related finance and marketability risks.  As a result, the
Company and Mr. Axelrod entered into a revenue-sharing arrangement
whereby the Company physically safeguards and catalogs the documents,
and markets certain of the items on its web site for a fee consisting
of 80% of the gross profit from any sale (defined as the sales price
to a third party buyer less Mr. Axelrod's cost of acquiring the
item).  The Company believes this fee arrangement is considerably
more favorable to the Company than the Company could obtain from an
independent third party.  The Company receives the same guarantee as
Mr. Axelrod would receive as to the authenticity warranty obtained
from the vendors.  The Company has also independently verified Mr.
Axelrod's cost of the consigned inventory.  During the three month
period ended December 31, 2007, 12 documents were sold for $7,096
that were subject to the revenue-sharing arrangement.  For the three
month period ended December 31, 2006, 5 documents were sold for
$61,388.  The Company's revenue share for the three month periods
were $5,373 and $42,683, respectively, and was included in revenues.

Stock-based compensation
------------------------
       As an employment inducement, the Company's vice-president of
sales was granted options to acquire 50,000 shares of the Company's
common stock at $2.19 per share, the stock price on the grant date
(April 16, 2007).  Using the Black-Scholes pricing model and an
expiration factor of 3.25 years, a volatility factor of one based on
daily trading history, and a risk-free interest rate of 4.5%, the
options were valued at approximately $72,000, to be charged to
expense ratably over the 24-month vesting period.  The financial
statement for the three months ended December 30, 2007 includes
share-based compensation expense of approximately $9,000 associated
with these options.  The outstanding options were not given effect to
compute diluted loss per share for the period since to do so would
have been anti-dilutive.

Contributed Services
--------------------
       The Company's president and majority shareholder does not
receive a salary.  Accordingly, the estimated value of such part-time
services (at a rate of approximately $30,000 per year) is recorded as
expense and additional paid-in capital.

Income Taxes
------------
       The Company has provided a valuation allowance against deferred
tax assets (primarily associated with net tax loss carryforwards), to
the extent that such tax assets are considered by management as not
more likely than not to be utilized, after consideration of tax
planning strategies.  Such valuation allowance is the reason for the
variation in the customary relationship between income tax benefit
and the pretax accounting loss.

       Effective with the quarter ended December 31, 2008, the Company
was required to apply Financial Accounting Standards Board
Interpretation No. 48, Accounting for Uncertainty in Income Taxes
(FIN 48). Based on its analysis of the Company's tax provisions,
deferred tax assets and the related valuation allowance, management
determined that there was no impact to the Company's financial
statements upon initial adoption of the provisions of FIN 48.
including with respect to its opening deficit or related disclosures.








                   Part 1 - Item 2  Financial Information
                    MANAGEMENT'S DISCUSSION AND ANALYSIS
                            OR PLAN OF OPERATION

Forward Looking Statements
--------------------------
       This report contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended, relating to the Company's future operations and prospects,
including statements that are based on current projections and
expectations about the markets in which the Company operates, and
management's beliefs concerning future performance and capital
requirements based upon current available information.  Such
statements are based on management's beliefs as well as assumptions
made by and information currently available to management.  When used
in this document, words like "may," "might," "will," "expect,"
"anticipate," "believe," and similar expressions are intended to
identify forward looking statements.  Those forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, performance or
achievements of those of the Company's industry to be materially
different from any future results, performance or achievements
expressed or implied by those forward-looking statements.  Among the
factors that could cause actual results, performance or achievement
to differ materially from those described or implied in the forward-
looking statements are the Company's ability to obtain additional
capital, on reasonable terms, if at all, at such times and in such
amounts as may be needed by the Company; competition by entities
which may have greater resources than the Company; the Company's
ability to market and sell its inventory of historical documents; the
Company's ability to correctly value its inventory of documents; and
other factors included in the Company's filings with the Securities
and Exchange Commission (the "SEC").  Copies of the Company's SEC
filings are available from the SEC or may be obtained upon request
from the Company.  The Company does not undertake any obligation to
update the information contained herein, which speaks only as of this
date.


Overview
--------
       Gallery of History, Inc. and its 100%-owned subsidiaries
(collectively the "Company") acquires documents of historical or
social significance and markets these documents to the general
public.  Except for the cost of documents that are sold and certain
selling expenses, most of the Company's other costs and expenses are
relatively fixed.  While management believes that the Company's
inventory of documents has substantially appreciated, the Company has
been unable to produce sufficient volume of sales to the general
public and has incurred significant operating losses for the past
several years.  (See also discussion of the Company's operating cycle
under "Critical Accounting Estimates, Policies, and Practices,"
below.)  As a result, the Company has been (and will continue to be)
dependent upon debt financing, including loans from its majority
stockholder, to satisfy its obligations when due.

       The unique characteristic of some documents held in inventory
may cause them to become rarer with their current market value rising
significantly over time.  In many instances, the Company has a supply
of similar documents that, if marketed simultaneously, could
negatively impact market value.  As a result, managing the rarity of
certain types or categories of documents through the judicious
marketing of only a selection of documents available in the Company's
inventory is an important element of the Company's business.  This
element is one of the reasons that the Company has accumulated and
maintains a supply of documents that is significantly greater than it
intends to sell in a year or even aggressively market.



       Liquidity and Capital Resources
       -------------------------------

       The net cash flow deficiency from operating activities was
mainly funded from increased borrowings and the sale of the Company's
vehicle.  The Company has also benefited from a reduction in
acquiring document inventory which has been replaced by the revenue-
sharing arrangement previously described.

       The Company has a bank line of credit in the amount of $100,000
through August 2008.  Loans under the line of credit are secured by
the Company's inventory of documents owned and bear interest at the
prime rate plus 1.5%.  As of December 31, 2007, there was $70,000
available against this line of credit.  The Company's term mortgage
note was renewed in July 2007 in the amount of $1,087,251 and has an
8.25% interest rate and a maturity date of July 15, 2012.  The note
is collateralized by the Company's building.

       Prior to 2006, the Company borrowed $1,000,000 from its
principal officer/shareholder, Todd Axelrod.  The advance was due on
demand but not prior to October 31, 2009, with monthly interest
payable at 6%.  Interest expense on the related party advance was
$15,170 and $15,167 for the three months ended December 31, 2007 and
2006, respectively.  The Company has also borrowed other amounts,
from Mr. Axelrod, from time to time.  The funds borrowed have an
interest rate of 3%.  The principal balance of the funds borrowed in
addition to the foregoing $1,000,000 totaled $1,013,532 and $609,391
as of December 31, 2007 and 2006, respectively.  Interest expense on
these related party borrowings was $7,486 and $4,531 during the three
months ended December 31, 2007 and 2006, respectively.  The funds
were used to supplement cash flows from operating activities.  On
January 20, 2006, the Company held a special meeting of stockholders
and approved converting $3,231,722 of debt to its principal
officer/stockholder into 1,615,861 shares of Series A Convertible
Preferred Stock.  The Series A Convertible Preferred Stock earns
dividends at the annual rate of 3% applied to the liquidation value,
and payable semi-annually so long as resources are legally available
for that purpose (unless waived by the holder).  Unpaid dividends are
cumulative, are added to the liquidation value (upon which the annual
dividend rate is applied), and are preferential in the event of
liquidation and with respect to any dividends or other distributions
to common stockholders.  The Preferred Stock is non-voting (except as
may be required by law) and convertible at any time at the option of
the holder at a fixed rate of one common share for every $2 in
liquidation value, as adjusted, per share of Preferred Stock at the
time of conversion, subject to adjustment in the event of future
increases or decreases in the number of outstanding shares of Common
Stock for a price other than the then conversion price of the
Preferred Stock or in the event of issuance of certain other
securities.  As of December 31, 2007 and 2006, a total of 1,689,671
and 1,640,099 shares of Common Stock were issuable upon conversion of
the Preferred Stock.

       The Company continues to take steps to improve its operating
results by attempting to increase sales through its direct purchase
website and other internet activity, which have become the Company's
highest margin distribution channel.  Because of the size and
diversity of its inventory, management believes the Company is well
positioned to compete favorably with other firms offering similar
products, but has not generated sufficient sales to make a profit.
To generate sufficient sales, the Company may need (but has not
committed) to lower prices in addition to adding more of its
available inventory to the website.

       The Company believes that its current cash requirements will be met
by generating revenues from operations, appropriately managing the timing
and volume of new document acquisitions, including the use of the
revenue-sharing agreement with Mr. Axelrod, drawing against its
available line of credit ($70,000 available at December 31, 2007),
seeking additional borrowings collateralized by its documents
inventory (although there can be no assurance that such financing
will be obtainable on acceptable terms) and borrowing from Mr.
Axelrod as required.  Mr. Axelrod has also agreed not to demand
payment on amounts the Company has borrowed and, if necessary, defer
his right to receive interest payments and dividends on preferred
stock through at least October 31, 2009.


       Critical Accounting Estimates, Policies and Practices
       -----------------------------------------------------

       Revenues.  The Company recognizes revenues from document sales
when title passes to the customer upon shipment.  Typically, shipment
does not occur until payment has been received.  Shipping and
handling costs and related customer charges are not significant in
relation to selling prices.  The Company's primary distribution
channel currently is through its website which includes consignment
sales related to the revenue-sharing arrangement with Mr. Axelrod.
The balance of the Company's sales is from repeat customers through
its corporate office.

       Inventory of documents and operating cycle. Documents in
inventory are stated at cost, which is determined on a specific-
identification method, not to exceed estimated market value.
Management reviews the recorded cost and estimated value of the
documents owned individually on a regular basis (at least quarterly)
to determine the adequacy of the allowance for market value declines,
if any.  Management believes that any future changes in such
allowance are not likely to have any material effect on the Company.

       Management believes that the Company's inventory of documents is
generally appreciating in value.  As a result, as stated earlier,
managing the rarity of certain types or categories of documents
through the judicious marketing of only a selection of documents
available in the Company's inventory is an important element of the
Company's business.  This element is one of the reasons that the
Company has (1) accumulated and maintains a supply of documents that
is significantly greater than it intends or expects to market
aggressively or even sell in a year and (2) has not committed to
lowering prices as a long-term strategy to potentially generate
increased sales to attain short-term profitability.  Based on an
aggregate historical cost (not number of documents), only about one-
half of the Company's documents are listed and made available on one
or more of the various distribution channels or displayed for sale.
As the Company's distribution channels have changed over the years
and are expected to continue to change in the future, the volume of
documents marketed in any one year, or succession of years, changes
significantly.  For these reasons, it has been impractical for the
Company to define its operating cycle and, as a result, the Company
presents its balance sheet on an unclassified basis.  The Company
believes that this presentation better reflects the nature of the
Company's business and its principal asset.

       Over the past several years, the cost of the Company's inventory
has ranged from its present level of approximately $6.4 million,
which management believes is a sufficient supply of documents to
provide for managing rarity and its other purposes, to roughly $7.2
million.  Management has no current intention of changing
significantly the composition of its inventory but may supplement its
base with such opportunities as the revenue-sharing arrangement with
Mr. Axelrod.

       Deferred tax assets and income taxes.  The Company provides a
valuation allowance against deferred tax assets (primarily associated
with tax loss carryforwards) to the extent that such tax assets
exceeds an amount considered by management as more likely than not to
be utilized as a result of any gain on the Company's effective tax
planning strategies, as defined in Financial Accounting Standards
Board (FASB) Statement No. 109, consisting of the possible sale of
appreciated document inventory, particularly if partially sold in
bulk, and/or real estate, that would produce gains that may be
realized as needed to protect the Company's loss carryforwards.  The
potential gain and related tax effect is estimated based on
management's perception of current market activity and estimate of
value and historical profit margins and trends.  Such estimates are
revisited and revised quarterly.

       Effective with the quarter ended December 31, 2008, we were
required to apply FASB Interpretation No. 48, Accounting for
Uncertainty in Income Taxes (FIN 48). Based on our analysis of our
tax provisions, deferred tax assets and the related valuation
allowance, we determined that there was no impact to our financial
statements upon initial adoption of the provisions of FIN 48,
including with respect to our opening deficit or related disclosures.

       Recently issued accounting pronouncements.  In December 2007,
the FASB issued Statement of Accounting Standards (SFAS) No. 160,
Noncontrolling Interests in Consolidated Financial Statements. It
requires that a noncontrolling (minority) interest in a subsidiary or
variable interest entity should be reported as equity in the
consolidated financial statements. SFAS 160 will not likely have any
effect on the Company's consolidated financial statements since we
are not presently contemplating investing in, establishing or
acquiring a subsidiary or a variable interest entity with a
noncontrolling interest.  SFAS 160 will be effective, if applicable,
for the Company's fiscal year beginning October 1, 2009.

       In December 2007, the FASB issued SFAS 141R, Business Combinations,
which replaces SFAS 141, Business Combinations.  We have not yet evaluated
SFAS 141R for the impact, if any, that SFAS 141R might have on our financial
statements, in the event we make any business combination or other covered
acquisitions after its effective date, which will be September 30, 2009, for
us, and which transaction is not presently contemplated.

       In September 2006, the FASB issued SFAS 157, Fair Value Measurements.
This standard defines fair value, establishes a framework for measuring fair
value in accounting principles generally accepted in the United States, and
expands disclosure about fair value measurements.  In February 2007, the FASB
issued SFAS 159, The Fair Value Option for Financial Assets and Financial
Liabilities - Including an Amendment of FASB Statement 115, which will permit
the option of choosing to measure certain eligible items at fair value at
specified election dates and report unrealized gains and losses in earnings.
SFAS 157 and 159 was scheduled to become effective for us for fiscal year
2009, and interim periods within those fiscal years; however, the effective
date for SFAS 157 has been delayed one year to the extent not already adopted,
which we have not.  We are currently evaluating the requirements of SFAS 157
and 159, and have not yet determined the likely, if any, impact on our future
financial statements upon adoption.



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

       Revenues decreased 22% comparing the three month period ended December
31, 2007 to December 31, 2006.  Revenues generated from our eBay internet
site decreased 41% comparing the first quarter periods to 17% of total
revenues in the first quarter of 2008 from 22% of total revenues for the
first quarter of 2007.  The Company's web site revenues decreased 19%
comparing the two quarter periods.  A large part of this decrease was due to
a single large sale in the first quarter of 2007.  The sale comprised 17% of
total revenues for that quarter.

       In October 2006, the Company entered into a revenue-sharing arrangement
with our principal officer/shareholder, Mr. Todd Axelrod, whereby the Company
physically safeguards, catalogs, and markets certain historical documents,
that Mr. Axelrod owns personally, for a fee consisting of 80% of the gross
profit from any sale (defined as the sales price to a third-party buyer less
Mr. Axelrod's cost of acquiring the item).  The Company independently verifies
the cost of any item sold pursuant to this arrangement.  The Company believes
this fee arrangement is considerably more favorable to the Company than could
be obtained from an independent third party.  The Company receives the same
guarantee as Mr. Axelrod would receive as to the authenticity warranty
obtained from the vendors.  The Company has also independently verified Mr.
Axelrod's cost of the consigned inventory.  Included in revenues for the three
month periods ended December 31, 2007 and 2006, are fees of $5,373 and $42,683,
respectively, associated with this arrangement.  The fees for the first
quarter of fiscal 2007, included the large sale previously mentioned.

       Cost of documents sold increased slightly overall to 8.9% of total
revenues for the quarter ended December 31, 2007 compared to 8.2% of total
revenues for the previous year quarter period.

       Total operating expenses increased 21% for the three month period ended
December 31, 2007 compared to the previous year period.  Total selling, general
and administrative expenses increased 22% comparing the two quarter periods.
The majority of the increase resulted from the increase in salary expense.
Comparing the two quarters, salary and related tax expense increased 38%.  In
addition, as an employment inducement, options were granted in April 2007 to
acquire 50,000 shares of the Company's common stock.  The financial statements
for the three months ended December 31, 2007 includes share-based compensation
expense of approximately $9,000 associated with these options not included in
the prior year.  The Company also increased its internet advertising during
the first quarter of fiscal 2008 which resulted in a 14% increase comparing
the periods.

       Also included in selling, general and administrative expenses is 50% of
the operating cost to maintain the headquarters building.  This percentage is
the ratio that the square footage occupied by the Company's headquarters
operation bears to the total leasable space of the building.  The remaining
building operating expenses plus the rental income realized are included net
in other income and expense ($25,112 for the period ended December 31, 2007
as compared to $27,683 for period ended December 31, 2006).





Item 3.		Controls and Procedures.
                -----------------------

       Based on their evaluation, as of December 31, 2007, the Company's Chief
Executive Officer and Chief Financial Officer have concluded that our
disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e)
under the Securities Exchange Act of 1934, as amended) are effective.  There
have been no changes in our internal control over financial reporting during
the quarter ended December 31, 2007, that have materially affected, or are
reasonably likely to materially affect, our internal control over financial
reporting.









                          Part 2 - Other Information

Item 1-5,	None.



Item 6.		Exhibits and Reports on Form 8-K.
                --------------------------------
(a)    Exhibits.

       31.1         Certification of Chief Executive Officer pursuant to
                    Rule 13a-14(a).

       31.2         Certification of Chief Financial Officer pursuant to
                    Rule 13a-14(a).

       32.1         Certification of Chief Executive Officer pursuant to
                    Rule 13a-14(b).

       32.2         Certification of Chief Financial Officer pursuant to
                    Rule 13a-14(b).






                                  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, 2008        /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)



Date   February 14, 2008        /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer