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   March 31, 2002


   [ ]  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 May 1, 2002.




                       Part 1  -  FINANCIAL INFORMATION


                GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
                        CONSOLIDATED  BALANCE  SHEETS
______________________________________________________________________
                                           MARCH 31,    SEPTEMBER 30,
                                             2002           2001
                                          UNAUDITED
                                         -----------     ------------
               ASSETS
Cash                                     $    11,890     $     7,957
Accounts receivable                              451          32,260
Prepaid expenses                              84,624          46,792
Documents owned                            6,725,080       6,773,133
Land and building-net                      1,253,268       1,278,485
Property and equipment-net                   395,677         473,161
Other assets                                 122,175         123,792
                                          ----------      ----------
TOTAL ASSETS                             $ 8,593,165     $ 8,735,580
                                          ==========      ==========




            LIABILITIES
Accounts payable                         $    60,966     $    58,398
Notes payable                              1,594,357       1,619,991
Indebtedness to related parties            2,711,491       2,385,239
Deposits                                      10,952          10,253
Accrued and other liabilities                177,420         164,193
                                          ----------      ----------
TOTAL LIABILITIES                          4,555,186       4,238,074
                                          ----------      ----------


        STOCKHOLDERS' EQUITY
Common stock: $.0005 par value;
  20,000,000 shares authorized;
  11,935,308 shares issued                     5,968           5,968
Additional paid-in-capital                 9,901,905       9,813,072
Deferred compensation                        (53,425)        (85,830)
Accumulated deficit                       (2,807,798)     (2,227,033)
Common stock in treasury (6,309,324
   shares), at cost                       (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 4,037,979       4,497,506
                                          ----------      ----------

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 8,593,165     $ 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           SIX MONTHS ENDED
                                   MARCH 31,                   MARCH 31,
                               2002        2001            2002        2001
                             --------    --------        --------   ---------

REVENUES                    $ 275,798   $ 323,255       $ 568,558   $ 635,641

COST OF REVENUES              121,158     154,979         276,484     296,750
                             --------    --------        --------    --------
GROSS PROFIT                  154,640     168,276         292,074     338,891
                             --------    --------        --------    --------

OPERATING EXPENSES:
 Selling, general and
  administrative              303,243     355,431         597,385     706,208
 Depreciation                  38,331      36,707          77,518      80,439
 Advertising                    5,759       8,802           9,548      17,441
 Maintenance & repairs         26,143       8,605          50,312      17,651
                             --------    --------        --------    --------
TOTAL OPERATING EXPENSES      373,476     409,545         734,763     821,739
                             --------    --------        --------    --------

OPERATING LOSS               (218,836)   (241,269)       (442,689)   (482,848)
                             --------    --------        --------    --------

OTHER INCOME (EXPENSE)
 Interest expense             (80,362)    (80,290)       (161,080)   (161,696)
 Building rental operations    10,019      10,871          20,303      61,593
 Net gain (loss)on disposal
   of assets                      (42)     22,294             (42)     20,774
 Other                              3          19           2,743          47
                             --------    --------        --------    --------
TOTAL OTHER EXPENSE           (70,382)    (47,106)       (138,076)    (79,282)
                             --------    --------        --------    --------

LOSS BEFORE INCOME TAXES     (289,218)   (288,375)       (580,765)   (562,130)

PROVISION FOR INCOME TAX         --          --               --         --

NET LOSS                    $(289,218)  $(288,375)      $(580,765)  $(562,130)
                             ========    ========        ========    ========



LOSS PER SHARE:
  Basic                         $(.05)      $(.05)          $(.10)      $(.10)
                                 ====        ====            ====        ====
  Diluted                       $(.05)      $(.05)          $(.10)      $(.10)
                                 ====        ====            ====        ====



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,
                                                 2002           2001
                                               --------       --------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Loss                                    $(580,765)     $(562,130)
  Adjustments to reconcile net loss
   to net cash used for
   operating activities:
     Depreciation and amortization              103,839        106,360
     (Gain) loss on disposal of property             42        (20,773)
     Common stock issued for services           121,238         72,520
     (Increase) decrease in:
       Accounts receivable                       31,809         44,431
       Prepaid expenses                         (37,832)       (15,849)
       Documents owned                           48,053        108,457
       Other assets                               1,617          3,573
     (Decrease) increase in:
       Accounts payable                           2,568         (8,038)
       Deposits                                     699          1,001
       Accrued and other liabilities             13,227         26,077
                                               --------       --------
Net cash used for operating activities         (295,505)      (244,371)
                                               --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment             (1,180)       (40,594)
  Proceeds from sale of property                   --           23,094
                                               --------       --------
Net cash used for investing activities           (1,180)       (17,500)
                                               --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net borrowings from credit
    facilities and related parties              300,618        239,209
                                               --------       --------

NET INCREASE (DECREASE) IN CASH                   3,933        (22,662)
CASH, BEGINNING OF PERIOD                         7,957         30,138
                                               --------       --------
CASH, END OF PERIOD                           $  11,890      $   7,476
                                               ========       ========


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest          $ 161,080      $ 161,696
                                               ========       ========


SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
For the six month period ended March 31, 2001:
  (1)  Documents with a net cost of $128,131 were exchanged for a reduction
       in related party debt of $143,578.
  (2)  Sale of property included a note paid in full in the amount of $17,906.


See the accompanying notes to consolidated financial statements.




                   GALLERY OF HISTORY, INC.  and SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
               Six Month Period Ended March 31, 2002 and 2001
_____________________________________________________________________________

     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)  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 March 31, 2002 and 2001 were 5,592,651 and
5,559,318, respectively; and for the six month period ended March 31,
2002 and 2001 the weighted average number of shares outstanding were
5,588,439 and 5,559,318, 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.

     4)  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 March 31, 2002, 66,667 shares have vested and the
remaining 33,333 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, $53,425 of deferred
compensation was recorded to reflect the unvested balance of the shares
as of March 31, 2002.






                   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.

The negative cash flows from operations incurred in the first six
months of fiscal 2002 were primarily due to the net operating loss.
Prepaid expenses increased due to prepayment of insurances and May's
catalog costs.  Accounts Receivable decreased due to the timing of the
Company's last auction.  Document inventory purchases decreased due to
the constraints on the Company's cash flow.

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 March 31, 2002, the Company had
available $65,000 under this line of credit.  In March 1999, the Company
borrowed $1,000,000 from Mr. Axelrod with interest payments paid monthly
at a rate of 8% and a due date that has been extended to April 30, 2003.
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 Mr. Axelrod's
bank line of credit which is 1% over the prime rate.  The outstanding
balance was $1,711,491 as of March 31, 2002 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.

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
---------------------

Total revenues decreased 15% and 11% for the three and six month
periods ended March 31, 2002 from the corresponding prior years periods,
respectively.  The decrease was primarily attributable to a decrease in
auction revenues resulting from continued weakness in the economy and
auction markets.  Auction revenues decreased 8% comparing the quarter
periods and 17% comparing the six month periods.  The average number of
winning bidders in the four auctions held in each of the six month
periods decreased 12%, however the average number of documents sold
remained the same in both six month periods.  The average sales price
declined to $724 in the four auctions held in 2002 compared to $873 in
the four auctions held in 2001.  Although documents revenues generated
from the Company's headquarters operation decreased 38% comparing the
quarter periods ended March 31, 2002 to 2001, they had increased 20% in
fiscal 2002 comparing the six month periods.  The headquarters' revenues
amounted to 23% of total revenues for the six month period ended March
31, 2002 compared to 17% of total revenues for the six month period in
2001.  The increase in retail revenues generated can be attributed to
the increased exposure on the internet and follow-up sales from the
auctions.

Total cost of revenues as a percentage of total revenues decreased
to 44% for the quarter ended March 31, 2002 compared to 48% of revenues
for the quarter ended March 31, 2001.  However, total cost of revenues
increased to 49% of revenues for the six month period ended March 31,
2002 compared to 47% of revenues for the corresponding prior year
period.  Because of the lower average sale price incurred in 2002,
document cost increased 2% comparing the quarter periods to 27% of total
revenues for the quarter ended March 31, 2002 compared to 22% for the
quarter ended March 31, 2001.  For the six month periods, document cost
increased 10% to 26% of revenues in 2002 compared to 22% of revenues in
2001.  Beginning with the January 2002 auction, the Company had decided
to cut its catalog costs with a less expensive catalog layout and to cut
mailing units.  Cost of catalogs decreased 43% comparing the quarter
periods to 17% of revenues for the quarter ended in 2002 from 26% of
revenues for the 2001 quarter.  Cost of catalogs decreased 20% comparing
the six month periods to 23% of revenues for the six month period in
2002 compared to 26% for the six month period in 2001.  Comparing the
two six month periods, the Company has decreased the catalog printing
cost by 21% and decreased mailing cost by 20%.

Total operating expenses decreased 9% and 11% for the three and six
month periods ended March 31, 2002 from the corresponding prior year
periods.  The decrease resulted primarily in selling, general and
administrative expenses that decreased 15% in both the three and six
month period compared to the previous year periods.  The decrease in
selling, general and administrative expenses was largely due to reduced
compensation expenses that decreased 39% comparing the three month
periods and 38% comparing the six month periods.  The principal owners
of the Company have temporarily discontinued taking compensation to
assist the Company with cash flows.  This decrease was partially offset
by an increase in consultant fees incurred as discussed in footnote 4.
Depreciation increased 4% for the quarter ended March 31, 2002 compared
to prior year quarter.  This was a result of software development being
recorded after the quarter ended March 31, 2001.  Depreciation decreased
4% comparing the six month period ended March 31, 2002 to the prior year
six month period.  This was a result of assets becoming fully
depreciated.  Advertising expense decreased 35% and 45% for the three
and six month periods ended March 31, 2002 from the corresponding prior
year periods.  This decrease is a result of a new contract with a major
advertiser of the Company and a reduction in other advertising avenues
the Company had previously employed.  Maintenance and repair expenses
increased to 9% of total revenues for both the three and six month
periods ended March 31, 2002 compared to 3%for both the three and six
month periods ended March 31, 2001.  The increase is a result of the
Company's expenditure for a software consultant to maintain its auction
and inventory software programs.

Interest expense remained constant comparing the three and six month
period.  Although the Company had increased its outstanding loan
balances, the interest rates have decreased.  Included in selling,
general and administrative expense is 50% of the operating cost to
maintain the headquarters building.  This percentage is the approximate
percentage of leasable space of the building occupied by the Company's
operations.  The remaining building operating expenses offset by the
rental revenues realized are included in other income and expense.  The
amount in the prior six month period included a lease buyout option that
was exercised in the amount of $40,000.







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


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