UNITED STATES
                       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, 2004


    [ ]  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, 2004.




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

             GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
                     CONSOLIDATED  BALANCE  SHEETS
________________________________________________________________________
                                           MARCH 31,      SEPTEMBER 30,
                                             2004              2003
                                         (Unaudited)


               ASSETS
Cash                                     $     2,087     $     2,034
Inventory of documents                     6,361,559       6,303,706
Deferred tax assets                        1,339,842       1,262,819
Property and equipment, net                1,369,182       1,465,499
Other assets                                 177,007         156,290
                                          ----------      ----------
TOTAL ASSETS                             $ 9,249,677     $ 9,190,348
                                          ==========      ==========



            LIABILITIES
Accounts payable                         $    98,777     $    40,124
Notes payable:
  Majority stockholder                     3,396,334       3,158,355
  Other                                    1,522,008       1,545,373
Accrued salaries due to
  majority shareholder                       636,725         486,962
Other liabilities and accruals               124,847          98,073
                                          ----------      ----------
TOTAL LIABILITIES                          5,778,691       5,328,887
                                          ----------      ----------


        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                 9,851,655       9,851,655
Accumulated deficit                       (3,377,966)     (2,987,491)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 3,470,986       3,861,461
                                          ----------      ----------

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 9,249,677     $ 9,190,348
                                          ==========      ==========



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,
                               2004        2003          2004        2003
                             --------    --------     ---------   ---------

REVENUES                    $ 314,858   $ 376,547    $  587,622  $  744,662

COST OF GOODS SOLD             44,328      87,082        88,328     219,362
                             --------    --------     ---------   ---------
GROSS PROFIT                  270,530     289,465       499,294     525,300
                             --------    --------     ---------   ---------

OPERATING EXPENSES:
 Selling, general and
  administrative              399,195     394,313       757,485     740,376
 Depreciation                  39,957      42,463        81,640      84,573
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      439,152     436,776       839,125     824,949
                             --------    --------     ---------   ---------

OPERATING LOSS               (168,622)   (147,311)     (339,831)   (299,649)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority stockholder       (49,504)    (44,338)      (97,641)    (90,068)
   Other                      (33,751)    (34,443)      (68,198)    (70,690)
 Rental income, net            15,319      24,282        37,969      38,738
 Other                              6           7           203       1,759
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (67,930)    (54,492)     (127,667)   (120,261)
                             --------    --------     ---------   ---------

LOSS BEFORE INCOME
 TAX BENEFIT                 (236,552)   (201,803)     (467,498)   (419,910)

INCOME TAX BENEFIT              --         68,613        77,023     142,769
                             --------    --------     ---------   ---------

NET LOSS                    $(236,552)  $(133,190)   $ (390,475) $ (277,141)
                             ========    ========     =========   =========


BASIC AND DILUTED LOSS
 PER SHARE:                     $(.04)      $(.02)        $(.07)      $(.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,
                                                 2004           2003
                                               --------       --------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Loss                                    $(390,475)     $(277,141)
  Adjustments to reconcile net loss
   to net cash used for
   operating activities:
     Depreciation and amortization               96,318         98,692
     Loss on disposal of property, net             --            1,750
     (Increase) decrease in:
       Deferred tax assets                      (77,023)      (142,769)
       Inventory of documents                   (57,853)       147,720
       Other assets                             (20,717)       (12,417)
     (Decrease) increase in:
       Accounts payable                          58,653         89,252
       Accrued expenses and other               176,536        177,262
                                               --------       --------
  Net cash provided by (used in)
   operating activities                        (214,561)        82,349
                                               --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment               --          (88,101)
                                               --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                        241,000        104,400
    Other                                       137,000        236,214
  Repayments of borrowings:
    Majority stockholder                         (3,021)       (39,321)
    Other                                      (160,365)      (293,587)
                                               --------       --------
  Net cash provided by financing activities     214,614          7,706
                                               --------       --------

NET INCREASE IN CASH                                 53          1,954

CASH, BEGINNING OF PERIOD                         2,034         12,494
                                               --------       --------
CASH, END OF PERIOD                           $   2,087      $  14,448
                                               ========       ========


SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during period for interest          $ 165,839      $ 160,758
                                               ========       ========



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, 2004, and for
the periods ended March 31, 2004 and 2003, 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.  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
accounting principles generally accepted in the United States have
been condensed or omitted pursuant to such rules and regulations.  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 2003 Annual Report on Form 10-KSB,
from which the September 30, 2003, balance sheet information is
derived.





Contingency
-----------

The Company has incurred significant operating losses for the past
several years.  Its ability to satisfy its obligations when due has
been largely dependent upon debt financing, including loans from its
majority stockholder.  While management believes the Company's
inventory of historical documents has appreciated significantly,
until sales of such documents in the ordinary course of business can
be increased to a level that sustains profitable operations,
additional borrowings will be needed to enable the Company to
continue its business of selling historical documents to the general
public.














                     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.  Actual results could differ materially from management's
current expectations.  For example, there can be no assurance that
additional capital will not be required or that additional capital,
if required, will be available on reasonable terms, if at all, at
such times and in such amounts as may be needed by the Company.



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
as discussed later herein.  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 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.

To increase sales and gross profit and decrease selling expenses, the
Company is in the process of reorganizing its methods of distribution
to emphasize internet catalog sales.  The following discussion
highlights the significant progress that has been made in this
regard.  The Company believes, but there is no assurance, that, as
sales increase through these and other efforts, profitable operations
can be achieved, decreasing and eventually eliminating the Company's
dependence on borrowings to finance its cash flow requirements.








Liquidity and Capital Resources
-------------------------------
       The unique characteristic of some documents owned may 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, may 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.

       Negative cash flows from operations incurred in the first six
months of fiscal 2004 resulted primarily from the net operating loss
and purchases of additional document inventory.  The document
purchases were offset by an increase in accounts payable and accrued
liabilities.  Accounts payable increased due to outstanding document
purchases unpaid and accrued liabilities increased primarily as a
result of unpaid officer salaries.  Historically, the cash flow
deficiencies have been funded primarily from borrowings from the
Company's bank line of credit and from the Company's majority
stockholder and president, Todd Axelrod.

       The Company plans to improve operating results by taking steps
to increase sales through its direct purchase website, its highest
margin distribution channel.  The Company has seen steady increases
in the revenue produced through this outlet.  Because of the size and
diversity of its inventory, management feels the Company is uniquely
positioned to favorably compete with any, and all, firms offering
similar products.  The Company continues to add much more of its
available inventory to the website.

       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, generating revenues from its operations,
drawing amounts under its existing line of credit, seeking additional
borrowings collateralized by its documents inventory (although there can be
no assurance that such financing will be obtainable on favorable terms or at
all) and borrowing amounts 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 through at least
October 2004.



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.  The Company's
primary distribution channel over the past few years has been internally
promoted and managed auctions to sell its documents.  For each item sold
through the Company's auctions, a 15% premium is charged.  Recently, the
Company has greatly increased its use of its website distribution channel
to profitably increase sales.  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 on a specific-identification method, not
in excess of estimated market value.  Management reviews the recorded
cost and estimated value of the documents owned 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, not depreciating, in 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 or expects to sell in a year or
even aggressively market.  Based on an aggregate historical cost,
(not number of documents), only about one-third of the Company's
documents are listed 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 $6.3 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 significantly
changing the composition of its inventory.



       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 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 affect is estimated based on management perception of
market activity and value and historical profit margins and trends.
Such estimates are revised quarterly.











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

       Total revenues decreased 16% for the three month period and 21%
for the six month period ended March 31, 2004 compared to the
previous year numbers.  The Company's catalog auction revenues as a
percentage of total sales decreased 29% to 46% for the current
quarter compared to 65% in the previous year quarter.  Comparing the
six month period, catalog auction revenues as a percentage of total
sales decreased 24% to 37% in the current six month period from 49%
in the previous year six month period.  The major reason for the
decrease is attributed to the competition and frequency of other
similar auctions currently being conducted.  The Company has not
consigned document inventory to other organizations to participate in
their auctions in the current year as it did in the previous year.
Consigned external auctions amounted to 20% of total revenues
generated in the previous year period.  The competitive nature of the
document auction market, and the resulting decline in document
values, has rendered it difficult for the Company to produce
acceptable margins and, therefore, the Company has discontinued its
involvement with external auctions.  Revenues generated from the
Company's website as a percentage of total sales increased 67%
comparing the quarter periods to 45% for the current quarter compared
to 27% for the previous year quarter.  Comparing the six month
period, internet revenues as a percentage of total sales increased
127% to 50% of total revenues in the current six month period from
22% in the previous year six month period.  The Company has enhanced
its websites and made available a larger selection of documents that
are aggressively priced to compete with the price-driven collector.

       Total cost of revenues as a percentage of total sales decreased
39% to 14% for the quarter ended March 31, 2004 compared to 23% for
the quarter ended March 31, 2003.  Total cost of revenues as a
percentage of total sales decreased 48% to 15% for the six month
period ended March 31, 2004 compared to 29% for the previous year six
month period.  The decrease in document costs resulted from the
improved margins the Company can realize from its increasing internet
related revenues compared to revenues generated from externally
conducted auctions.

       Selling, general, and administrative expenses, to a large
extent, do not fluctuate with sales volume and increased slightly
comparing the quarters and six month periods.  The increase is
primarily attributable to increased advertising of 6% of net revenues
for the current year period compared to 3% of net revenues for the
previous year period.  The increase was the result of advertising
world wide through the internet.  Depreciation costs decreased
slightly due to certain assets that became fully depreciated.















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

                Based on their evaluation, as of a date within 90 days
                of the filing date of this form 10-QSB, our Chief
                Executive Officer and Chief Financial Officer have
                concluded that our disclosure controls and procedures
                (as defined in Rule 13a-14(c) and 15d-14(c) under the
                Securities Exchange Act of 1934, as amended) are
                effective.  There have been no significant changes in
                internal controls or in other factors that could
                significantly affect these controls subsequent to the
                date of their evaluation, including any corrective
                actions with regard to significant deficiencies and
                material weaknesses.













                            Part 2 - Other Information


Item 1-5.	None.



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

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

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

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

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


                (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, 2004             /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)



Date   May 14, 2004             /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)