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   March 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, 2007.

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



                   Part 1  -  FINANCIAL INFORMATION

             GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
                     CONSOLIDATED  BALANCE  SHEETS
______________________________________________________________________
                                           MARCH 31,    SEPTEMBER 30,
                                             2007           2006
                                         (Unaudited)
                                          ---------      -----------

               ASSETS
Cash                                     $     6,179     $     1,738
Inventory of documents                     6,451,451       6,504,288
Deferred tax assets                        1,339,842       1,339,842
Property and equipment, net                1,077,393       1,100,381
Other assets                                  90,262          53,996
                                          ----------      ----------
TOTAL ASSETS                             $ 8,965,127     $ 9,000,245
                                          ==========      ==========



            LIABILITIES AND
         STOCKHOLDERS' EQUITY

Accounts payable                         $   107,762     $   100,093
Notes payable:
  Majority stockholder                     1,658,090       1,582,556
  Other                                    1,152,822       1,186,815
Other liabilities and accruals               175,765         145,922
                                          ----------      ----------
TOTAL LIABILITIES                          3,094,439       3,015,386
                                          ----------      ----------


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                        808             808
Additional paid-in capital                14,259,821      14,243,315
Deficit                                   (5,387,238)     (5,256,561)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 5,870,688       5,984,859
                                          ----------      ----------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 8,965,127     $ 9,000,245
                                          ==========      ==========




See the accompanying notes to consolidated financial statements.




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

                              THREE MONTHS ENDED          SIX MONTHS ENDED
                                   MARCH 31,                 MARCH 31,
                               2007        2006          2007        2006
                             --------    --------     ---------   ---------


REVENUES                    $ 185,068   $ 140,689    $  415,259  $  349,032

COST OF REVENUES               17,411      14,316        36,373      37,696
                             --------    --------     ---------   ---------
GROSS PROFIT                  167,657     126,373       378,886     311,336
                             --------    --------     ---------   ---------

OPERATING EXPENSES:
 Selling, general and
  administrative              204,977     228,649       395,417     520,980
 Depreciation                  10,216      12,266        20,123      24,930
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      215,193     240,915       415,540     545,910
                             --------    --------     ---------   ---------

OPERATING LOSS                (47,536)   (114,542)      (36,654)   (234,574)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority stockholder       (19,666)    (26,684)      (39,364)    (67,143)
   Other                      (26,525)    (29,254)      (53,813)    (59,997)
 Rental income, net expenses   19,927      29,440        47,610      54,048
 Other                           --          --              19       7,552
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (26,264)    (26,498)      (45,548)    (65,540)
                             --------    --------     ---------   ---------


NET LOSS                    $ (73,800)  $(141,040)   $  (82,202) $ (300,114)
                             ========    ========     =========   =========


BASIC LOSS PER SHARE:           $(.01)      $(.03)        $(.01)      $(.05)
                                 ====        ====          ====        ====


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

                                                 SIX MONTHS ENDED MARCH 31,
                                                     2007           2006
                                                   --------       --------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                       $ (82,202)     $(300,114)
  Adjustments to reconcile net loss
  to net cash used for operating activities:
    Depreciation and amortization                   33,860         39,052
    Contributed services of majority shareholder    16,506         16,506
    Increase in operating (assets) liabilities:
      Inventory of documents                        52,837        (29,882)
      Other assets                                 (36,266)       (28,710)
      Accounts payable                               7,669         80,898
      Accrued expenses and other liabilities       (18,632)         1,378
                                                  --------       --------
 Net cash used in operating activities             (26,228)      (220,872)
                                                  --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchase of equipment                             (10,872)          --
                                                  --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                            91,974        319,354
    Other                                          130,000         90,000
  Repayments of borrowings:
    Majority stockholder                           (16,440)        (6,624)
    Other                                         (163,993)      (182,164)
                                                  --------       --------
 Net cash provided by financing activities          41,541        220,566
                                                  --------       --------

NET INCREASE (DECREASE) IN CASH                      4,441           (306)

CASH, BEGINNING OF PERIOD                            1,738          2,116
                                                  --------       --------
CASH, END OF PERIOD                              $   6,179      $   1,810
                                                  ========       ========



SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during period for interest             $  92,782      $ 135,198
                                                  ========       ========
Capitalization of accrued salaries,
  majority shareholder                                --        $ 423,864
                                                                 ========
Dividend accrued on preferred stock              $  48,475
                                                  ========



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 March 31, 2007, and for the
three month and six month periods ended March 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
2006 Annual Report on Form 10-KSB, from which the September 30, 2006, balance
sheet information is derived.



Revenue-sharing Arrangement
---------------------------
       During the six month period ended March 31, 2007, the Company's
principal officer and majority shareholder, Mr. Todd Axelrod,
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 six month period ended March 31,
2007, 17 documents subject to the revenue-sharing arrangement were
sold for $70,289 (12 documents were sold during the quarter for
$8,901).  The Company's revenue share was $49,155 and is included in
revenues.



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



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


Forward Looking Statements
--------------------------
       This report contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
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 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
       -------------------------------
       Net cash flows used by operating activities decreased in the
current six month period from the comparable previous period
primarily because the Company's net loss decreased due to higher
revenues and lower selling, general and administrative expenses.  The
cash flow deficiency was funded primarily from borrowings from the
Company's majority stockholder.

       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 and by taking advantage of
merchandising opportunities through the use of its revenue-sharing
agreement with Mr. Axelrod, which, combined, have become the
Company's highest margin distribution channels.  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 continues to be unable to generate 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 much more of its available inventory to the website.  The
Company has been offering discount promotions on its website that
appears to be assisting in increasing revenues.

       The Company believes that its current and long-term cash
requirements will likely be met by appropriately managing the timing
and volume of new document acquisitions, including the use of the
revenue-sharing agreement with Mr. Axelrod, generating revenues from
its operations, drawing against its available line of credit ($65,000
available at March 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 April 30, 2008.



       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 $6.5 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.  The Company provides a valuation allowance
against deferred tax assets (primarily associated with tax loss
carryforwards) to the extent that such tax assets are considered by
management as not likely to be utilized as a result of any gain on
the Company's appreciated document inventory, if sold in bulk.  The
hypothetical gain and related tax effect is estimated based on
management's perception of market activity and estimate of value and
historical profit margins and trends.  Such estimates are revisited
and revised quarterly as necessary.

       In September 2006, the Financial Accounting Standards Board
(FASB) issued Statement of Financial Accounting Standard (SFAS) No.
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 of America, and
expands disclosure about fair value measurements.  In February 2007,
the FASB issued SFAS No. 159, The Fair Value Option for Financial
Assets and Financial Liabilities - Including an Amendment of FASB
Statement No. 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 Nos.
157 and 159 will become effective for us for fiscal year 2009, and
interim periods within those fiscal years.  We are currently
evaluating the requirements of SFAS Nos. 157 and 159, and have not
yet determined the likely, if any, impact on our future financial
statements.

       In July 2006, the FASB issued Interpretation No. 48 (FIN 48)
Accounting for Uncertainty in Income Taxes, an Interpretation of FASB
Statement No. 109.  FIN 48 clarifies the accounting for income taxes
by prescribing the minimum recognition threshold a tax position is
required to meet before being recognized in the financial statements.
It also provides guidance on derecognition, measurement,
classification, interest and penalties, accounting in interim
periods, disclosure and transition, and clearly scopes income taxes
out of SFAF 5, Accounting for Contingencies.  FIN 48 is effective for
fiscal years beginning after December 15, 2006.  We do not expect
that the adoption of FIN 48 will have a significant impact on our
consolidated financial position, results of operations, and cash
flows.  However, we are evaluating the impact that FIN 48 will have
on the amount, reporting, and disclosures of our fully reserved
deferred tax assets resulting primarily from tax loss carryforwards.




       Results of Operations
       ---------------------
       Revenues increased 32% for the three month period ended March
31, 2007 compared to the three month period in 2006.  Revenues
increased 19% for the six month period ended March 31, 2007 compared
to the six month period in 2006.  The increase in revenues resulted
from Company's web site which increased 84% comparing the year over
year quarter periods and 46% comparing the six month periods.  The
increases can be largely attributed to selected price discounting in
fiscal 2007 and the revenue-sharing arrangement with Mr. Axelrod.


       During the current fiscal year, the Company's principal officer
and majority shareholder, Mr. Axelrod, 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 the previously
discussed 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 six month period ended March 31, 2007, 17
documents subject to the revenue-sharing arrangement were sold for
$70,289.  The Company's revenue share was $49,155 and is included in
revenues.  Excluding the effects of the revenue-sharing arrangement,
the Company's cost of revenues continued to decline even after
selected discounting.  For the three month period ended March 31,
2007 cost of revenues was 9.7% of net revenues compared to 10.2% of
net revenues for the 2006 quarter and 9.9% of net revenues compared
to 10.8% of net revenues for the six month periods.

       Total operating expenses decreased 11% for the three month
period ended March 31, 2007 compared to the comparable three month
period in 2006.  Total operating expenses decreased 24% comparing the
comparable six month periods.  Reductions came principally from
advertising expenses, professional fees and salary expenses.  The
Company became more selective in its advertising and reduced the
expense by 48% comparing the quarter periods and the six month
periods.  Professional fees decreased due to fees incurred in fiscal
2006 relating to Nasdaq compliance issues.  Salaries decreased 11%
comparing the quarterly periods and 22% comparing the six month
periods due to a reduction in staff.  Depreciation costs decreased
17% comparing the quarter periods and 19% comparing the six month
periods due to assets becoming fully depreciated, primarily the
Company's archive and inventory software programs.
































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

                Based on their evaluation, as of March 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 March 31, 2007, that have materially
                affected, or are reasonably likely to materially affect,
                our internal control over financial reporting.








                          Part 2 - Other Information

Item 2.         Unregistered Sales of Equity Securities and Use of Proceeds.
                -----------------------------------------------------------
                On April 16, 2007, the Company issued to one employee an
                aggregate 50,000 options to purchase a like number of
                shares of the Company's Common Stock at an exercise
                price of $2.19 per share (the closing price on April 16,
                2007). The options are subject to a vesting schedule and
                expire upon the earlier of five years from the date of
                grant or the termination of the employee's employment
                with the Company, irrespective of the reasons for any
                such termination.  The options were granted  pursuant to
                the exemption from the registration requirements under
                the Securities Act of 1933, as amended, under Section
                4(2) of such Act.





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   May 15, 2007             /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)



Date   May 15, 2007             /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)