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


                                  FORM 10-QSB


(Mark one)
[x]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934
For the quarterly period ended   December 31, 2006


[ ]  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 [ ]   No [x]




                       Part 1  -  FINANCIAL INFORMATION

                GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
                        CONSOLIDATED  BALANCE  SHEETS
______________________________________________________________________

                                         DECEMBER 31,    SEPTEMBER 30,
                                            2006             2006
                                         (Unaudited)
                                          ----------      ----------

               ASSETS
Cash                                     $     6,579     $     1,738
Inventory of documents                     6,478,990       6,504,288
Deferred tax assets                        1,339,842       1,339,842
Property and equipment, net                1,094,477       1,100,381
Other assets                                  48,709          53,996
                                          ----------      ----------
TOTAL ASSETS                             $ 8,968,597     $ 9,000,245
                                          ==========      ==========




            LIABILITIES
Accounts payable                         $    93,543     $   100,093
Notes payable:
  Majority stockholder                     1,609,391       1,582,556
  Other                                    1,146,772       1,186,815
Other liabilities and accruals               134,181         145,922
                                          ----------      ----------
TOTAL LIABILITIES                          2,983,887       3,015,386
                                          ----------      ----------



        STOCKHOLDERS' EQUITY
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                14,251,568      14,243,315
Deficit                                   (5,264,963)     (5,256,561)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 5,984,710       5,984,859
                                          ----------      ----------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 8,968,597     $ 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
                                                     DECEMBER 31,
                                                 2006           2005
                                                 ----           ----

REVENUES, including related party
  profit share of $42,683 in 2006            $  230,191     $  208,343,

COST OF REVENUES                                 18,962         23,379
                                              ---------      ---------
GROSS PROFIT                                    211,229        184,964
                                              ---------      ---------

OPERATING EXPENSES:
  Selling, general and administrative           190,439        292,332
  Depreciation                                    9,908         12,664
                                              ---------      ---------
TOTAL OPERATING EXPENSES                        200,347        304,996
                                              ---------      ---------

OPERATING INCOME (LOSS)                          10,882       (120,032)
                                              ---------      ---------

OTHER INCOME (EXPENSE):
  Interest expense:
    Majority shareholder                        (19,698)       (40,459)
    Other                                       (27,288)       (30,743)
  Rental income, net                             27,683         24,608
  Other                                              19          7,552
                                              ---------      ---------
TOTAL OTHER EXPENSE                             (19,284)       (39,042)
                                              ---------      ---------


NET LOSS                                     $   (8,402)    $ (159,074)
                                              =========      =========





BASIC LOSS PER SHARE                               --            $(.03)
                                                                  ====


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




See the accompanying notes to consolidated financial statements.
______________________________________________________________________________



                 GALLERY OF HISTORY, INC. and SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF CASH FLOWS  -  UNAUDITED
__________________________________________________________________________
                                           THREE MONTHS ENDED DECEMBER 31,
                                                  2006           2005
                                                --------       --------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                    $  (8,402)     $(159,074)
  Adjustments to reconcile net loss
   to net cash used for
   operating activities:
     Depreciation and amortization               16,776         19,726
     Contributed services                         8,253          8,253
     Increase in operating
       (assets) liabilities:
       Inventory of documents                    25,298       (14,878)
       Other assets                               5,287       (13,031)
       Accounts payable                          (6,550)        60,803
       Accrued expenses and other liabilities   (11,741)         9,461
                                               --------       --------
  Net cash provided by (used in)
    operating activities                         28,921        (88,740)
                                               --------       --------

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

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                         30,546        154,357
    Other                                        70,000           --
  Repayments of borrowings:
    Majority stockholder                         (3,711)          (365)
    Other                                      (110,043)       (62,644)
                                               --------       --------
  Net cash provided by (used in)
    financing activities                        (13,208)        91,348
                                               --------       --------

NET INCREASE IN CASH                              4,841          2,608

CASH, BEGINNING OF PERIOD                         1,738          2,116
                                               --------       --------
CASH, END OF PERIOD                           $   6,579      $   4,724
                                               ========       ========


SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during period for interest         $   46,715      $  54,274
                                              =========       ========
Capitalization of accrued salaries,
  majority shareholder                             --        $ 423,864
                                                              ========


See the accompanying notes to consolidated financial statements.
______________________________________________________________________________


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

Basis of Presentation
---------------------
       The consolidated financial statements as of December 31, 2006, and for
the three month periods ended December 31, 2006 and 2005, 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 quarter ended December 31, 2006, the Company's principal
officer and majority shareholder, Mr. Todd Axelrod, purchased over 1,430
documents from outside sources for his own account with personal funds at a
cost to him of $84,217.  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 the Mr. Axelrod entered into a verbal
revenue-sharing arrangement whereby the Company physically safeguards and
catalogs the documents, and markets certain of the items on its web store for
a fee computed as 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 fee is much more favorable to the
Company than the Company could obtain from an independent third party.  Mr.
Axelrod provides the Company with the same authenticity warranty that the
Company provides the third party purchaser.  During the current quarter, five
documents subject to the revenue-sharing arrangement were sold for $61,388
(cost to Mr. Axelrod of $8,035).  The Company's revenue share was $42,683 and
is included in revenues.  Excluding the effects of the revenue-sharing
arrangement, the Company's cost of goods sold percentage declined in the
current quarter to 10% from 11% in the prior year quarter.



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
-------------------------------
       Cash flows improved during the first three month of fiscal 2007
as a result of increased sales and gross profit and lower legal
expense than in the comparable prior year's quarter.  Cash was used
to decrease debt ($13,208) and to purchase equipment ($10,872).

       The Company continues to take steps to improve its operating
results by attempting to increase sales through its direct purchase
website and other internet activity, which, combined, have become the
Company's highest margin distribution channel.  Because of the size
and diversity of its inventory, management believes the Company is
well positioned to compete favorably with any firm 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.  However, price
discounting in the first quarter of fiscal 2007 did have a positive
impact on sales and gross profit.  Management is considering this
result in developing a long-term strategy.  In addition, Mr. Axelrod
is not being paid a salary in cash, and the Company is now recording
compensation at the estimated fair-value of his reduced services and
doing likewise with respect to another officer.

       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 against its available line of credit ($100,000
available at December 31, 2006), 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.  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.


       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 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.




Results of Operations
---------------------
       Revenues increased 10% for the first three month period in
fiscal 2007 compared to the previous year period.  Without any
auction activity in the current quarter, the total increase came from
the Company's internet activity which increased 24% comparing the
quarterly periods.  Revenues from the Company's involvement with eBay
increased 22% comparing the quarterly periods and revenues from the
Company's own website increased 24% comparing the two quarterly
periods.  The increase in internet generated revenues can be
attributed to price discounting during the first quarter of fiscal
2007.  During the current quarter, the Company's principal officer
and majority shareholder, Mr. Todd Axelrod, purchased over 1,430
documents from outside sources for his own account with personal
funds at a cost to him of $84,217.  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 the Mr. Axelrod entered into a verbal revenue-sharing arrangement
whereby the Company physically safeguards and catalogs the documents,
and markets certain of the items on its web store for a fee computed
as 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 much more
favorable to the Company than the Company could obtain from an independent
third party.  Mr. Axelrod provides the Company with the same authenticity
warranty that the Company provides the third party purchaser.  During the
current quarter, five documents subject to the revenue-sharing arrangement
were sold for $61,388 (cost to Mr. Axelrod of $8,035).  The Company's
revenue share was $42,683 and is included in revenues.  Excluding the
effects of the revenue-sharing arrangement, the Company's cost of goods
sold percentage declined in the current quarter to 10% from 11% in the
prior year quarter.

       Total operating expenses decreased 34% comparing the quarterly
periods ended December 31, 2006 and 2005.  The Company realized
decreases in selling, general and administrative expenses primarily
related to professional fees ($52,000) and a reduction in total
salaries ($35,581).  The 76% decrease in professional fees involved
Nasdaq compliance issues in fiscal 2005 that were not of a recurring
nature.  Salaries decreased 31% comparing the quarterly periods due
to a reduction in staff.  The Company has reduced advertising
expenses 42% comparing the quarterly periods.  Depreciation costs
also decreased 22% 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 December 31, 2006, the Company's
        Chief Executive Officer and Chief Financial  Officer have concluded
        that our disclosure controls and procedures (as defined in
        Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of
        1934, as amended) are effective.  There have been no changes in our
        internal control over financial reporting during the quarter ended
        December 31, 2006, that have materially affected, or are reasonably
        likely to materially affect, our internal control over financial
        reporting.





                         Part 2 - Other Information

Item 1-5.	None.

Item 6.		Exhibits and Reports on Form 8-K.

(a)   Exhibits.

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

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

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

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









                                  SIGNATURES


In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.




                                Gallery of History, Inc.
                                _______________________________
                                (Registrant)




Date   February 13, 2007        /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)



Date   February 13, 2007        /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)