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, 2003


     [ ]  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, 2003.






                   Part 1  -  FINANCIAL INFORMATION


             GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
                     CONSOLIDATED  BALANCE  SHEETS
______________________________________________________________________
                                           MARCH 31,     SEPTEMBER 30,
                                             2003            2002
                                          -----------    ------------
                                          (Unaudited)


               ASSETS
Cash                                     $    14,448     $    12,494
Prepaid expenses                              61,118          49,181
Inventory of documents owned               6,312,405       6,460,125
Deferred tax assets                        1,108,036         965,267
Property and equipment, net                1,556,212       1,568,553
Other assets                                 122,296         122,107
                                          ----------      ----------
TOTAL ASSETS                             $ 9,174,515     $ 9,177,727
                                          ==========      ==========



            LIABILITIES
Accounts payable                         $   114,298     $    25,046
Notes payable:
  Majority shareholder                     2,874,213       2,809,133
  Other                                    1,522,140       1,579,514
Accrued expenses and other                   458,317         281,055
                                          ----------      ----------
TOTAL LIABILITIES                          4,968,968       4,694,748
                                          ----------      ----------


        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       9,870,655
Deferred stock-based compensation               --           (18,709)
Accumulated deficit                       (2,643,405)     (2,366,264)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 4,205,547       4,482,979
                                          ----------      ----------

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 9,174,515     $ 9,177,727
                                          ==========      ==========


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,
                               2003        2002          2003        2002
                             --------    --------     ---------   ---------
                                        (Restated)                (Restated)

REVENUES                    $ 376,547   $ 275,798    $  744,662  $  568,558

COST OF GOODS SOLD             87,082      73,082       219,362     145,855
                             --------    --------     ---------   ---------
GROSS PROFIT                  289,465     202,716       525,300     422,703
                             --------    --------     ---------   ---------

OPERATING EXPENSES:
 Selling, general and
  administrative              394,313     376,649       740,376     774,712
 Depreciation                  42,463      44,903        84,573      90,680
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      436,776     421,552       824,949     865,392
                             --------    --------     ---------   ---------

OPERATING LOSS               (147,311)   (218,836)     (299,649)   (442,689)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority shareholder       (44,338)    (42,930)      (90,068)    (85,078)
   Other                      (34,443)    (37,432)      (70,690)    (76,002)
 Rental income, net            24,282      10,019        38,738      20,303
 Other                              7         (39)        1,759       2,701
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (54,492)    (70,382)     (120,261)   (138,076)
                             --------    --------     ---------   ---------

LOSS BEFORE INCOME
 TAX BENEFIT                 (201,803)   (289,218)     (419,910)   (580,765)

INCOME TAX BENEFIT             68,613     107,011       142,769     214,883
                             --------    --------     ---------   ---------

NET LOSS                    $(133,190)  $(182,207)   $ (277,141) $ (365,882)
                             ========    ========     =========   =========


BASIC AND DILUTED LOSS
 PER SHARE:                     $(.02)      $(.03)        $(.05)      $(.07)
                                 ====        ====          ====        ====

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,
                                                 2003           2002
                                               --------       --------
                                                             (Restated)

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Loss                                    $(277,141)     $(365,882)
  Adjustments to reconcile net loss
   to net cash used for
   operating activities:
     Depreciation and amortization               98,692        103,839
     (Gain)Loss on disposal of property, net      1,750             42
     Common stock issued for services              --          121,238
     (Increase) decrease in:
       Prepaid expenses                         (11,937)       (37,832)
       Deferred tax assets                     (142,769)      (214,883)
       Inventory of documents owned             147,720         48,053
       Other assets                                (480)        33,426
     (Decrease) increase in:
       Accounts payable                          89,252          2,568
       Accrued expenses and other               177,262         13,926
                                               --------       --------
  Net cash provided by (used in)
   operating activities                          82,349       (295,505)
                                               --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment            (88,101)        (1,180)
                                               --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority shareholder                        104,400        356,000
    Other                                       236,214        165,000
  Repayments of borrowings:
    Majority shareholder                        (39,321)       (29,748)
    Other                                      (293,587)      (190,634)
                                               --------       --------
  Net cash provided by financing activities       7,706        300,618
                                               --------       --------

NET INCREASE IN CASH                              1,954          3,933

CASH, BEGINNING OF PERIOD                        12,494          7,957
                                               --------       --------
CASH, END OF PERIOD                           $  14,448      $  11,890
                                               ========       ========


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest          $ 160,758      $ 161,080
                                               ========       ========


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, 2003, and for
the three and six month periods ended March 31, 2003 and 2002,
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 generally accepted accounting principles 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 2002 Annual Report on Form 10-KSB,
from which the September 30, 2002, balance sheet information is
derived.




Reclassifications
-----------------

Certain prior year amounts have been reclassified to conform with the
current period presentation.




Prior period restatement
------------------------

In the Company's previously issued March 2002 interim statements of
operations, the tax valuation allowance was determined to be
overstated as a result of not considering unrecorded appreciation in
the inventory of documents owned required by Statement of Financial
Accounting Standards No. 109, Accounting for Income Taxes.
Therefore, the March 2002 interim statements of operations have been
retroactively restated.  The effects of the restatement were to
increase the income tax benefit and decrease the net loss for the
three and six month periods by $107,011 and $214,883, respectively.










                    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.




Liquidity and Capital Resources
-------------------------------
        The unique characteristic of some documents owned may become
more rare 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.

        The Company's monthly debt service requirement on $4,396,353 of
borrowings, including $2,874,213 due to the Company's majority
shareholder and president, Todd Axelrod, is approximately $18,000.

        Historically, the Company has experienced cash flow deficiencies
which may continue and have been funded primarily with borrowings
from Mr. Axelrod.  Management believes, but there is no assurance,
that the need for such borrowings should diminish and profitability
and cash flows should improve with the full implementation of the
Company's strategic plans (see Results of Operations).

        For the six months ended March 31, 2003, the Company had a
positive cash flow from operating activities of approximately
$82,000.  The increase resulted from a reduction in inventory
purchases combined with increases in accounts payable and accrued
expenses.


        The Company believes that its current cash requirements will be
met by appropriately managing the timing and volume of new document
acquisitions and availability for sale, generating revenues from its
operations, drawing amounts under its existing line of credit
($84,000 available at March 31, 2003), 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 1, 2003.




Critical Accounting 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.  The Company's
primary distribution channel over the past few years has been
internally promoted and managed auctions to sell its documents and
certain documents it may hold from time to time on consignment.  For
each item sold through the Company's internal auctions, a 15% premium
(processing fee) is charged plus a commission on consigned sales.
Shipping and handling costs and related customer charges are not
significant.  The Company also sells its documents through externally
managed and promoted auctions, which is becoming a large share of its
revenues.  The outside auction operator shares in the document's
selling price (approximately 5%) and the Company records the balance
as revenue.  The balance of the Company's sales are from repeat
customers through its corporate office and web shoppers.

        Inventory of documents owned and operating cycle.   Documents
owned 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 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.  On an aggregate historical cost basis (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.  By point of reference, the aggregate cost of
these actively marketed items is approximately three times the cost
of documents sold during the year.  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, 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
as of its fiscal year end has ranged from its present level of
approximately $6.3 million to roughly $7.2 million, which management
believes is a sufficient supply of documents to provide for managing
rarity and its other purposes.  Management has no current intention
of significantly changing the composition of its inventory and, as a
result, the Company accounts for changes in the cost of documents
owned as an adjustment to arrive at cash flows from operating
activities.






Results of Operations
---------------------
        Total revenues increased 37% for the three month period and 31%
for the six month period ended March 31, 2003 compared to the
comparable periods of the previous year.  The increase is attributed
to revenues generated by the Company's participation in external
auctions promoted and managed by others and direct-purchase website
sales.  Of the total revenues generated in the current six month
fiscal period, 20% were generated from external auctions and 22% were
generated through the Company's websites.  Revenues generated from
these two sources in the previous year six month period resulted in
3% of total revenues.  Revenues generated from the Company's catalog
auction operation decreased 17% comparing the two six month periods;
however, the Company held only three auctions in the current six
month period compared to four auctions in the previous year period.

        Total cost of revenues increased to 30% of net revenues for the
six month period ended March 31, 2003 compared to 26% of net revenues
for the six month period ended March 31, 2002.  The increase in
document costs of revenues can be attributed to the lower profit
margins realized from external auctions.  The Company did not
participate in external auctions during the current quarter ended
March 31, 2003; consequently, the cost of revenues decreased to 23%
of net revenues for this quarter compared to 27% of net revenues for
the quarter ended March 31, 2002.

        Total operating expenses increased 4% comparing the quarter
periods but decreased 5% comparing the six month periods.  The
increase is the result of accruing officer salaries in the current
period which were abated in the previous year period.  The decrease
comparing the six month periods, was due to a decrease in this years
cost of catalogs resulting from one less auction in the current
fiscal year.  In addition, professional fees decreased in the current
period compared to the last year period due to the expiration of a
consulting contract.  Depreciation costs decreased because certain
assets became fully depreciated during the current six month period.






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 99.1 Certification of Chief Executive
                       Officer Pursuant to 18 U.S.C. Section 1350, as
                       Adopted Pursuant to Section 906 of the Sarbanes-
                       Oxley Act of 2002.
                          Exhibit 99.2 Certification of Chief Financial
                       Officer Pursuant to 18 U.S.C. Section 1350, as
                       Adopted Pursuant to Section 906 of the Sarbanes-
                       Oxley Act of 2002.



                (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, 2003             /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)





Date   May 14, 2003             /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)












       STATEMENT PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
                         BY PRINCIPAL EXECUTIVE OFFICER
        REGARDING FACTS AND CIRCUMSTANCES RELATING TO EXCHANGE ACT FILINGS

I, Todd Axelrod, certify that:

1. I have reviewed this quarter report on Form 10-QSB of Gallery of History,
Inc.;

2. Based on my knowledge, this quarter report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarter report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarter report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarter report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarter report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarter report (the "Evaluation Date"); and
c) presented in this quarter report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6. The registrant's other certifying officer and I have indicated in this
quarter report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.


Date:  May 14, 2003
                                   /s/ TODD AXELROD
                                   _______________________
                                   Todd Axelrod
                                   Chief Executive Officer


       STATEMENT PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
                          BY PRINCIPAL FINANCIAL OFFICER
        REGARDING FACTS AND CIRCUMSTANCES RELATING TO EXCHANGE ACT FILINGS

I, Rod Lynam, certify that:

1. I have reviewed this quarter report on Form 10-KSB of Gallery of History,
Inc.;

2. Based on my knowledge, this quarter report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarter report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarter report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarter report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarter report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarter report (the "Evaluation Date"); and
c) presented in this quarter report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent functions):
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6. The registrant's other certifying officer and I have indicated in this
quarter report whether there were significant changes in internal controls or
in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.


Date:  May 14, 2003
                                    /s/  ROD LYNAM
                                    _______________________
                                    Rod Lynam
                                    Chief Financial Officer