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

                                   FORM 10-Q
(Mark one)
[x]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934
                  For the quarterly period ended   March 31, 2009
                                      OR
[ ]     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 registrant 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)

                                 (702) 364-1000
                (Registrant's telephone number, including area code)

                                 Not Applicable
                (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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 has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T during the
preceding 12 months (or for such shorter period that the registrant was
required to submit and post such files).                 [ ]  Yes       [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of "large accelerated filer," "accelerated filer," and
"smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer [ ]             Accelerated filer [ ]
Non-accelerated filer [ ]               Smaller reporting company [x]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined
in rule 12b-2 of the Exchange Act).                      [ ]  Yes       [x] No

As of April 30, 2009 there were 6,425,984 shares of Common Stock outstanding.


                   Part 1  -  FINANCIAL INFORMATION


             GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
                     CONSOLIDATED  BALANCE  SHEETS
____________________________________________________________________________
                                                MARCH 31,     SEPTEMBER 30,
                                                  2009             2008
                                              (Unaudited)
                                               ---------       -----------

               ASSETS
Cash                                          $     6,112      $     9,576
Inventory of documents                          6,359,352        6,382,828
Deferred tax assets                             1,339,842        1,339,842
Property and equipment, net                       961,509          990,610
Other assets                                       94,889           59,394
                                               ----------       ----------
TOTAL ASSETS                                  $ 8,761,704      $ 8,782,250
                                               ==========       ==========


            LIABILITIES AND
         STOCKHOLDERS' EQUITY

Accounts payable                              $    53,237      $    29,168
Advances and notes payable:
  Majority stockholder                          1,530,868        1,310,226
  Other                                         1,092,538        1,123,236
Preferred stock dividend payable                  301,983          249,760
Other liabilities                                  73,793           80,842
                                               ----------       ----------
Total liabilities                               3,052,419        2,793,232
                                               ----------       ----------

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 (liquidation value,
  $3,533,705, including cumulative unpaid
  dividends in arrears of $301,983)                   808              808
Additional paid-in capital                     15,007,394       14,978,860
Deficit                                        (6,677,814)      (6,369,547)
Common stock in treasury,
  5,509,324 shares, at cost                    (2,627,071)      (2,627,071)
                                               ----------       ----------
Total stockholders' equity                      5,709,285        5,989,018
                                               ----------       ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $ 8,761,704      $ 8,782,250
                                               ==========       ==========



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,
                               2009        2008           2009        2008
                             --------    --------     ---------   ---------


REVENUES                    $  93,139   $  96,367    $  230,262  $  274,783

COST OF REVENUES                4,770       8,225        17,748      24,188
                             --------    --------     ---------   ---------
GROSS PROFIT                   88,369      88,142       212,514     250,595
                             --------    --------     ---------   ---------
OPERATING EXPENSES:
 Selling, general and
  administrative              199,080     220,679       418,984     453,747
 Depreciation                   8,464       8,896        16,928      18,148
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      207,544     229,575       435,912     471,895
                             --------    --------     ---------   ---------

OPERATING LOSS               (119,175)   (141,433)     (223,398)   (221,300)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority stockholder       (10,879)    (23,149)      (21,254)    (45,805)
   Other                      (22,324)    (23,295)      (44,909)    (46,634)
 Rental income, net of
   related expenses            17,799      26,806        33,470      51,919
 Other                           --            (5)           46       6,495
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (15,404)    (19,643)      (32,647)    (34,025)
                             --------    --------     ---------   ---------

NET LOSS                     (134,579)   (161,076)     (256,045)   (255,325)

Preferred stock dividend      (52,222)    (50,690)      (52,222)    (50,690)
                             --------    --------     ---------   ---------
NET LOSS APPLICABLE TO
  COMMON SHARES             $(186,801)  $(211,766)   $ (308,267) $ (306,015)
                             ========    ========     =========   =========


BASIC LOSS PER SHARE:           $(.03)      $(.04)        $(.05)      $(.05)
                                 ====        ====          ====        ====

WEIGHTED AVERAGE SHARES
 OUTSTANDING                6,425,984   5,625,984     6,425,984   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,
                                                   2009           2008
                                                 --------       --------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                     $(256,045)      $(255,325)
  Adjustments to reconcile net loss
  to net cash used in operating activities:
    Depreciation                                  30,320          25,045
    Contributed services of majority stockholder  16,506          16,506
    Stock-based compensation                      12,028          18,042
    Increase in operating (assets) liabilities:
      Inventory of documents                      23,476          24,223
      Other assets                               (35,495)        (29,237)
      Accounts payable                            24,069         (12,769)
      Other liabilities                           (7,048)          2,416
                                                --------        --------
Net cash used in operating activities           (192,189)       (211,099)
                                                --------        --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of equipment                           (1,219)         (3,550)
  Proceeds from sale of property and equipment      --             6,500
                                                --------        --------
Net cash provided by (used in)
  investing activities                            (1,219)          2,950
                                                --------        --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                         249,000         219,985
    Other                                        192,000         124,000
  Repayments of borrowings:
    Majority stockholder                         (28,358)         (2,574)
    Other                                       (222,698)       (132,063)
                                                --------        --------
Net cash provided by financing activities        189,944         209,348
                                                --------        --------

NET INCREASE (DECREASE) IN CASH                   (3,464)          1,199

CASH, BEGINNING OF PERIOD                          9,576           1,517
                                                --------        --------
CASH, END OF PERIOD                            $   6,112       $   2,716
                                                ========        ========


SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid during period for interest         $  65,510       $  91,839
                                                ========        ========
  Dividend accrued on preferred stock          $  52,222       $  50,690
                                                ========        ========


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, 2009, and
for the three month periods ended March 31, 2009 and 2008, included
herein have been prepared by management of Gallery of History, Inc.
and subsidiaries (collectively, the Company), without audit, pursuant
to the rules and regulations of the Securities and Exchange
Commission applicable to interim financial information.  Accordingly,
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 necessary for a fair
presentation of the results for the interim periods have been made.
These consolidated financial statements should be read in conjunction
with the audited financial statements and the notes thereto included
in the Company's 2008 Annual Report on Form 10-K, from which the
September 30, 2008, balance sheet information is derived.


Economic Conditions and Related Risk and Uncertainty
       The United States is experiencing a widespread recession
accompanied by declining investment values, discretionary spending, a
reduction in general credit availability and instability in the
commercial and investment banking systems, and is engaged in war, all
of which are likely to continue to have far-reaching effects on
economic activity in the country for an indeterminate period. The
near- and long-term impact of these factors on the economy and the
Company's operations, or the Company's principal stockholder's
ability to continue to provide financial support to the Company,
cannot be predicted at this time but may be substantial.


Related Party Debt Conversion
-----------------------------
       Prior to 2007, the Company borrowed $1,000,000 from its
principal officer/stockholder, Todd M. Axelrod.  The advance was due
on demand but not prior to October 31, 2010, with monthly interest
payable at 6%.  In June 2008, the Company agreed to issue to Mr.
Axelrod an aggregate 800,000 shares of its common stock from treasury
in exchange for the cancellation of such debt.  The outstanding
$1,000,000 principal amount was converted into shares of common stock
at a conversion price of $1.25 per share, representing a premium to
the closing price on June 10, 2008.  The Company also has other loans
outstanding from Mr. Axelrod, borrowed from time to time.  These
loans carry an interest rate of 3%.  The principal balance of the
funds borrowed totaled $1,530,868 and $1,112,636 as of March 31, 2009
and 2008, respectively.  Interest expense on these related party
borrowings was $10,879 and $7,979 for the three months and $21,254
and $15,465 for the six months ended March 31, 2009 and 2008,
respectively.  The borrowed funds were used to supplement cash flows
from operating activities.


Revenue-sharing Arrangement
---------------------------
       Since fiscal 2007, the Company's principal officer and majority
stockholder has purchased certain documents from outside sources for
his own account with personal funds.  The Company may have been
interested in acquiring some or all of the items; however, management
believed that the Company lacked sufficient liquidity to assume the
related finance and marketability risks.  As a result, the Company
and Mr. Axelrod entered into a revenue-sharing arrangement whereby
the Company physically safeguards and catalogs the documents, and
markets certain of the items on its web site for a fee consisting of
80% of the gross profit from any sale (defined as the sales price to
a third party buyer less Mr. Axelrod's cost of acquiring the item).
The Company believes this fee arrangement is considerably more
favorable to the Company than the Company could obtain from an
independent third party.  The Company receives the same guarantee as
Mr. Axelrod would receive as to the authenticity warranty obtained
from the vendors.  The Company has also independently verified Mr.
Axelrod's cost of the consigned inventory.  During the three month
period ended March 31, 2009, 15 documents were sold for $15,709 and
the Company's revenue share was $11,850 compared to the three month
period ended March 31, 2008, 4 documents were sold for $806 and the
Company's share was $628.  For the six month period ended March 31,
2009, 26 documents were sold for $15,709 and the Company's revenue
share was $11,850.  This compares to 16 documents sold for $7,902
with the Company's share of $6,000 for the six months ended March 31,
2008.


Stock-based compensation
------------------------
       As an employment inducement, the Company's vice-president of
sales was granted options to acquire 50,000 shares of the Company's
common stock at $2.19 per share, the stock price on the grant date
(April 16, 2007).  Using the Black-Scholes pricing model and an
expiration factor of 3.25 years, a volatility factor of one based on
daily trading history, and a risk-free interest rate of 4.5%, the
options were valued at approximately $72,000, to be charged to
expense ratably over the 24-month vesting period.  However, this
employment was terminated February 3, 2009 and the options were
cancelled pursuant to their terms.  The financial statements for the
six month periods ended March 31, 2009 and 2008, included $12,028 and
$18,024, of this share-based compensation expense, respectively.  For
the three month periods ended March 31, 2009 and 2008, the financial
statements included an expense of $3,007 and $9,021, respectively.
The outstanding options were not given effect in a computation of
diluted results per share for the period since to do so would have
been anti-dilutive due to losses.



Contributed Services
--------------------
       The Company's president and majority stockholder does not
receive a salary.  Accordingly, the estimated value of his part-time
services (at approximately $30,000 per year) is recorded ratably each
quarter as expense and additional paid-in capital.



Income Taxes
------------
       The Company maintains a valuation allowance against deferred tax
assets (primarily associated with net tax loss carryforwards), to the
extent that such tax assets are considered by management as not more
likely than not to be realized, after consideration of its tax
planning strategies.  The assessment of such valuation allowance is
the reason for the variation in the customary relationship between
income tax benefit and the pretax accounting loss.

       Effective with the quarter ended December 31, 2007, the Company
was required to apply Financial Accounting Standards Board
Interpretation No. 48, Accounting for Uncertainty in Income Taxes
(FIN 48).  Based on its analysis of the Company's tax provisions,
deferred tax assets and the related valuation allowance, management
determined that there was no impact to the Company's financial
statements, loss carryovers, or the related valuation allowance as a
result of adoption of the provisions of FIN 48, including with
respect to its operating deficit.






                    Part 1 - Item 2  Financial Information
                     MANAGEMENT'S DISCUSSION AND ANALYSIS
               OF 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, as
amended, 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 current widespread economic recession, 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, on its website (www.sec.gov), 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 the
date of this filing.


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 held in inventory
may cause them to become rarer with their current market value rising
significantly over time.  In many instances, the Company has a supply
of similar documents that, if marketed simultaneously, could
negatively impact market value.  As a result, managing the rarity of
certain types or categories of documents through the judicious
marketing of only a selection of documents available in the Company's
inventory is an important element of the Company's business.  This
element is one of the reasons that the Company has accumulated and
maintains a supply of documents that is significantly greater than it
intends to sell in a year or even aggressively market.



       Liquidity and Capital Resources
       -------------------------------
       Net cash used in operating activities decreased by 9% comparing
the six month period ended March 31, 2009 to March 31, 2008.  The net
losses being about the same for both periods, the decrease in cash
used in operations resulted mainly from a decrease in purchases of
inventory and an increase in accounts payable.  In addition,
depreciation resulted in an increase because the prior year's number
included an adjustment for the sale of a Company vehicle.  This cash
deficiency from operating activities was funded from increased
borrowings from the Company's principal officer/stockholder.  These
increased borrowings resulted in providing the Company with $220,642
additional funds in the six month period ended March 31, 2009 in
contrast with the Company paying down a net of $30,698 on its bank
credit instruments.

       The Company currently has a bank line of credit in the amount of
$100,000 through August 2009.  Loans under the line of credit are
secured by the Company's inventory of documents owned and bear
interest at the prime rate plus 1.5%.  As of March 31, 2009, there
was $46,000 available against this line of credit.  The Company's
term mortgage note was renewed in July 2007 in the amount of
$1,087,251 and has an 8.25% interest rate and a maturity date of July
15, 2012.  The note is collateralized by the Company's building.

       As discussed in the notes to the financial statements, prior to
2007, the Company borrowed $1,000,000 from its principal
officer/stockholder, which was converted into 800,000 shares of the
company's common stock on June 11, 2008.  The conversion rate of
$1.25 represented a premium in relation to the closing price of the
common stock on the date of the transaction.  The shares were issued
out of treasury stock held by the Company.  The Company also has
other loans outstanding from Mr. Axelrod, borrowed from time to time.
These loans carry an interest rate of 3%.  The principal balance of
the funds borrowed totaled $1,530,868 and $1,112,636 as of March 31,
2009 and 2008, respectively.  The borrowed funds were used to
supplement cash flows from operating activities.

       The Company endeavors to improve its operating results by
increasing its internet exposure.  Its direct website has become the
Company's principal distribution channel.  Because of the size and
diversity of its inventory, management believes the Company is well
positioned to compete favorably with other firms offering similar
products, but has not yet generated 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 more of its
available inventory to the website.  The Company also continues to
offer discount promotions on its website with some success, while
still maintaining its profit margin in excess of 90%.

       Subject to the future effects of the economic uncertainties
discussed in the following paragraph, the Company's management
believes that its current cash requirements will be met by generating
revenues from operations, appropriately managing the timing and volume
of new document acquisitions, including the use of the revenue-
sharing agreement with Mr. Axelrod, drawing against its available
line of credit, 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 his loans to the Company and, if necessary, defer his
right to receive interest payments and dividends on preferred stock
through at least October 31, 2010.

       The foregoing notwithstanding, the United States is experiencing
a widespread recession accompanied by declining investment values and
discretionary spending, a reduction in general credit availability
and instability in the commercial and investment banking systems, and
is engaged in war, all of which are likely to have continue to have
far-reaching effects on economic activity in the country for an
indeterminate period. The near- and long-term impact of these factors
on the economy and the Company's operations, or the Company's
principal stockholder's ability to continue to provide financial
support to the Company, cannot be predicted at this time but may be
substantial.






       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.  The Company's distribution
channels consist of its direct purchase websites and other internet
avenues including eBay.  Shipping and handling costs and related
customer charges are not significant.


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 to sell in a year or even
aggressively market.  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 $6.4 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.


Deferred tax assets and income taxes
------------------------------------
       The Company provides a valuation allowance against deferred tax
assets (primarily associated with tax loss carryforwards) to the
extent that such tax assets exceeds an amount considered by
management as more likely than not to be utilized as a result of any
gain on the Company's effective tax planning strategies, as defined
in Financial Accounting Standards Board (FASB) Statement No. 109,
"Accounting for Income Taxes", consisting of the possible sale of
appreciated document inventory, particularly if partially sold in
bulk, and/or real estate, that would produce gains that may be
realized as needed to protect the Company's loss carryforwards.  The
potential gain and related tax effect is estimated based on
management's perception of current market activity and estimate of
value and historical profit margins and trends.  Such estimates are
revisited and revised quarterly.

       Effective with the quarter ended December 31, 2007, we were
required to apply FASB Interpretation No. 48, "Accounting for
Uncertainty in Income Taxes" (FIN 48). Based on our analysis of our
tax provisions, deferred tax assets and the related valuation
allowance, we determined that there was no impact to our financial
statements upon initial adoption of the provisions of FIN 48,
including with respect to our operating deficit or related
disclosures.


Recently issued accounting pronouncements
-----------------------------------------
       In March 2008, the Financial Accounting Standards Board (FASB)
issued Statement of Accounting Standards (SFAS) No. 161, "Disclosures
About Derivative Instruments and Hedging Activities - an amendment of
FASB Statement No 133".  SFAS 161 expands the disclosure requirements
in SFAS 133, "Accounting for Derivative Instruments and Hedging
Activities", regarding derivative instruments and hedging activities.
SFAS 161 will be effective for the Company's fiscal year beginning
October 1, 2008.  As SFAS 161 relates specifically to disclosures
regarding matters that the Company is typically not involved in, SFAS
161 will likely have no impact on the Company's future financial
condition, results of operations or cash flows.

       In December 2007, the FASB issued SFAS 160, "Noncontrolling
Interests in Consolidated Financial Statements". It requires that a
noncontrolling (minority) interest in a subsidiary, including a
variable interest entity, should be reported as equity in the
consolidated financial statements.  Although technically effective
for the Company's fiscal year beginning October 1, 2009, SFAS 160
will not likely have any effect on the Company's consolidated
financial statements since we are not presently contemplating
investing in, establishing or acquiring a subsidiary with a
noncontrolling interest.

       In December 2007, the FASB issued SFAS 141R, "Business
Combinations, which replaces SFAS 141, Business Combinations".  Also,
in April of 2008, the FASB issued FSP SFAS 141R-1, "Accounting for
Assets Acquired and Liabilities Assumed in a Business Combination
That Arise from Contingencies", to address some of the application
issues under SFAS 141R.  FSP SFAS 141R-1 deals with the initial
recognition and measurement of an asset acquired or a liability
assumed in a business combination that arises from a contingency
(provided the fair value on the date of acquisition of the related
asset or liability can be determined).  We have not yet evaluated
SFAS 141R  or FSP SFAS 141R-1 for the impact, if any, that either
might have on our future financial statements in the event we make
any business combination or other covered acquisitions after its
effective date, which for us will be September 30, 2009.  No such
transactions are presently contemplated.

       In September 2006, the FASB issued SFAS 157, Fair Value
Measurements.  This standard defines fair value, establishes a
framework for measuring fair value in accounting principles generally
accepted in the United States, and expands disclosure about fair
value measurements in the financial statements, if any.  In February
2007, the FASB issued SFAS 159, "The Fair Value Option for Financial
Assets and Financial Liabilities - Including an Amendment of FASB
Statement 115", which will permit the option of choosing to measure
certain eligible items at fair value at specified election dates and
report unrealized gains and losses in earnings.  SFAS 157 and 159
were scheduled to become effective for us for fiscal year 2009, and
interim periods within that fiscal year; however, the effective date
for SFAS 157 was delayed one year to fiscal year 2010, and interim
periods within that fiscal year with respect to nonfinancial assets
and liabilities carried at fair value, if any, to the extent not
already adopted, which we have not.  Although SFAS 157 is now
effective for us for financial assets and liabilities carried at fair
value, we are not currently carrying any such assets or liabilities
at fair value.  Therefore, the requirements of SFAS 157 will not
apply to our financial statements unless we elect to do so under SFAS
159, which election has not been made and is presently not expected.
Accordingly, there is no likely impact on our future financial
statements expected of either of these two standards.

       In April 2009, the FASB issued FSP 157-4, "Determining Fair Value
When the Volume and Level of Activity for the Asset or Liability Have
Significantly Decreased and Identifying Transactions That Are Not
Orderly", which provides guidance in the application of FASB 157 when
the volume and level of activity for an asset or liability have
significantly decreased and when circumstances indicate that a
transaction is not orderly.  Also in April 2009, the FASB issued FSP
107-1 and APB 28-1, "Interim Disclosures about Fair Value of Financial
Instruments", which requires entities to disclosure, among other
things, the methods and significant assumptions used to estimate the
fair value of financial instruments in both interim and annual
financial statements.  In April 2009, the FASB also issued FSB 115-2
and FSP 124-2, "Recognition and Presentation of Other-Than-Temporary
Impairments", to amend the other-than-temporary impairment guidance
for debt securities and the presentation and disclosure requirements
of other-than-temporary impairments of debt and equity securities.
These accounting changes are effective in the Company's third
quarter.  The Company does not currently expect these accounting
changes will have a material impact on the consolidated financial
statements.



       Results of Operations
       ---------------------
       Total revenues decreased 3% comparing the three month period
ended March 31, 2009 to March 31, 2008.  Total revenues decreased 16%
comparing the first six month period in fiscal 2009 to fiscal 2008.
Although eBay store revenues represent only about 5% of our total
revenues generated for the quarter, they represent the largest
decrease, 58% comparing the two quarter periods.  Comparing the
fiscal periods, the decrease was more pronounced.  For the six month
period ended March 31, 2009, eBay revenues amounted to 4% of total
revenues compared to March 2008, when they were 15% of total
revenues.  Revenues generated from the Company's internet website
increased 5% comparing the quarter periods and revenues decreased 5%
comparing the six month periods.  Although not particularly
significant when compared to its effect on the businesses of other
sellers of luxury and non-essential merchandise and many other types
of enterprises, the international economic crisis is continuing to
have a negative effect on our business.

       Included in revenues is the 80% of gross profit from the sales
generated through the revenue-sharing arrangement the Company has
with Mr. Axelrod, as explained earlier.  For the three month periods
ended March 31, 2009 and 2008, are fees of $5,997 and $628,
respectively, associated with this arrangement.  For the six month
periods, the fees amounted to $11,850 for 2009 and $6,000 for 2008.

       Cost of documents sold decreased significantly during the
current quarter period as a result of pricing increases.  For the
quarter period ended March 31, 2009, cost of documents sold amount to
5% of net revenues compared to 9% of net revenues for the quarter
ended March 31, 2008.  This brought the year-to-date comparisons more
in line; for the six month period ended March 31, 2009, cost of
documents sold amounted to 8% of net revenues compared to 9% of net
revenues for 2008.

       Total operating expenses decreased 10% comparing the two quarter
periods and the decrease was 8% comparing the six month periods.
Decreases in selling, general and administrative expense were
realized principally due to cost reductions in advertising,
maintenance expenses, general insurances and salaries.  Reductions in
advertising resulted in a 9% decrease comparing the quarter periods
and a 36% reduction comparing the six month periods.  The Company's
computer maintenance expenses were reduced by 6% comparing the
quarters and 10% comparing the six month periods.  General insurance
costs decreased 17% comparing the quarters and 19% comparing the six
month periods.  Due to the termination of the Company's Vice
President of Sales, salaries were decreased by 17% comparing quarter
periods and 8% comparing the six month periods.  Depreciation
expenses decreased 5% comparing the quarters and 7% comparing the six
month periods as a result of older equipment becoming fully
depreciated.

       Included in selling, general and administrative expenses is 50%
of the operating cost to maintain the headquarters building.  This
percentage is the ratio that the square footage occupied by the
Company's headquarters operation bears to the total leasable space of
the building.  The remaining building operating expenses plus the
rental income realized are included net in other income and expense.
This amounted to $17,799 for the three month period ended March 31,
2009, as compared to $26,806 for three month period ended March 31,
2008.  For the six month periods ended March 31, 2009 and 2008, these
amount were $33,470 and $51,919, respectively.  The decrease is the
result of a decline in occupancy.


















Item 3.         Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable.






Item 4.		Controls and Procedures.

                Based on their evaluation, as of March 31, 2009, the
                Company's Chief Executive Officer and Chief Financial
                Officer have concluded that our disclosure controls and
                procedures (as defined in Rule 13a-15(e) and 15d-15(e)
                under the Securities Exchange Act of 1934, as amended)
                are effective.  There have been no changes in our
                internal control over financial reporting during the
                quarter ended March 31, 2009, that have materially
                affected, or are reasonably likely to materially affect,
                our internal control over financial reporting.









                           Part 2 - Other Information


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



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






                                Gallery of History, Inc.
                                _______________________________
                                (Registrant)




Date   May 15, 2009             /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)



Date   May 15, 2009             /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)