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



                                  FORM 10-QSB



     [x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
                 For the quarterly period ended   March 31, 2005


    [  ]  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, 2005.



                      Part 1  -  FINANCIAL INFORMATION

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

                                            MARCH 31,     SEPTEMBER 30,
                                              2005            2004
                                          (Unaudited)
                                           ---------       ----------

               ASSETS
Cash                                     $     4,015     $    59,868
Inventory of documents                     6,512,037       6,562,002
Deferred tax assets                        1,339,842       1,339,842
Property and equipment, net                1,218,894       1,288,830
Other assets                                 157,812         140,687
                                          ----------      ----------
TOTAL ASSETS                             $ 9,232,600     $ 9,391,229
                                          ==========      ==========




            LIABILITIES
Accounts payable                         $    55,133     $    95,500
Notes payable:
  Majority stockholder                     4,124,954       3,904,791
  Other                                    1,394,592       1,457,343
Accrued salaries due to
  majority shareholder                       987,998         802,101
Other liabilities and accruals               101,061         137,479
                                          ----------      ----------
TOTAL LIABILITIES                          6,663,738       6,397,214
                                          ----------      ----------


        STOCKHOLDERS' EQUITY
Common stock: $.0005 par value;
  20,000,000 shares authorized;
  11,935,308 shares issued                     5,968           5,968
Additional paid-in-capital                 9,851,655       9,851,655
Deficit                                   (4,280,090)     (3,854,937)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 2,568,862       2,994,015
                                          ----------      ----------

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 9,232,600     $ 9,391,229
                                          ==========      ==========


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,
                               2005        2004          2005        2004
                             --------    --------     ---------   ---------

REVENUES                    $ 300,887   $ 314,858    $  614,252  $  587,622

COST OF REVENUES               38,334      44,328        76,004      88,328
                             --------    --------     ---------   ---------
GROSS PROFIT                  262,553     270,530       538,248     499,294
                             --------    --------     ---------   ---------

OPERATING EXPENSES:
 Selling, general and
  administrative              382,540     399,195       753,824     757,485
 Depreciation                  26,377      39,957        57,751      81,640
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      408,917     439,152       811,575     839,125
                             --------    --------     ---------   ---------

OPERATING LOSS               (146,364)   (168,622)     (273,327)   (339,831)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority stockholder       (68,521)    (49,504)     (132,726)    (97,641)
   Other                      (31,736)    (33,751)      (64,296)    (68,198)
 Rental income, net            27,635      15,319        45,196      37,969
 Other                           --             6          --           203
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (72,622)    (67,930)     (151,826)   (127,667)
                             --------    --------     ---------   ---------

LOSS BEFORE INCOME
 TAX BENEFIT                 (218,986)   (236,552)     (425,153)   (467,498)

INCOME TAX BENEFIT              --          --            --         77,023
                             --------    --------     ---------   ---------

NET LOSS                    $(218,986)  $(236,552)   $ (425,153) $ (390,475)
                             ========    ========     =========   =========


BASIC AND DILUTED LOSS
 PER SHARE:                     $(.04)      $(.04)        $(.08)      $(.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,
                                                   2005          2004
                                                --------       --------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Loss                                    $(425,153)     $(390,475)
  Adjustments to reconcile net loss
   to net cash used for
   operating activities:
     Depreciation and amortization               72,136         96,318
     (Increase) decrease in:
       Deferred tax assets                         --          (77,023)
       Inventory of documents                    49,965        (57,853)
       Other assets                             (17,125)       (20,717)
     (Decrease) increase in:
       Accounts payable                         (40,367)        58,653
       Accrued expenses and other               149,479        176,536
                                               --------       --------
  Net cash used in operating activities        (211,065)      (214,561)
                                               --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment             (2,200)          --
                                               --------       --------


CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                        224,782        241,000
    Other                                       160,000        137,000
  Repayments of borrowings:
    Majority stockholder                         (4,619)        (3,021)
    Other                                      (222,751)      (160,365)
                                               --------       --------
  Net cash provided by financing activities     157,412        214,614
                                               --------       --------


NET INCREASE (DECREASE) IN CASH                 (55,853)            53

CASH, BEGINNING OF PERIOD                        59,868          2,034
                                               --------       --------
CASH, END OF PERIOD                           $   4,015      $   2,087
                                               ========       ========


SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during period for interest          $ 197,022      $ 165,839
                                               ========       ========




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, 2005, and for
the three month period ended March 31, 2005 and 2004, 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 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.  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 2004 Annual Report on Form 10-KSB,
from which the September 30, 2004, balance sheet information is
derived.










                     Part 1 - Item 2  Financial Information
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Forward Looking Statements
--------------------------
       This report contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
relating to the Company's future operations and prospects, including
statements that are based on current projections and expectations
about the markets in which the Company operates, and management's
beliefs concerning future performance and capital requirements based
upon current available information.  Such statements are based on
management's beliefs as well as assumptions made by and information
currently available to management.  When used in this document, words
like "may," "might," "will," "expect," "anticipate," "believe," and
similar expressions are intended to identify forward looking
statements.  Actual results could differ materially from management's
current expectations.  For example, there can be no assurance that
additional capital will not be required or that additional capital,
if required, will be available on reasonable terms, if at all, at
such times and in such amounts as may be needed by the Company.



Overview
--------
Gallery of History, Inc. and its 100%-owned subsidiaries
(collectively the Company) acquires documents of historical or social
significance and markets these documents to the general public as
discussed later herein.  Except for the cost of documents that are
sold and certain selling expenses, most of the Company's other costs
and expenses are relatively fixed.  While management believes that
the Company's inventory of documents has substantially appreciated,
the Company has been unable to produce sufficient 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
-------------------------------
       Negative cash flows from operations incurred in the first six
month fiscal period resulted primarily from the net operating loss
and a reduction in accounts payable partially offset by an increase
in accrued liabilities, primarily accrued salaries.  Historically,
the cash flow deficiencies have been funded primarily from borrowings
from the Company's bank line of credit and from the Company's
majority stockholder and president, Todd Axelrod, which we believe
will continue.  However, net cash provided by financing activities
decreased 27% in the current period compared to the previous year six
month period.

       The Company is making an effort to improve operating results by
taking steps 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
uniquely positioned to compete favorably with any firm offering
similar products.  The Company continues to add much more of its
available inventory to the website.

       The Company believes that its current and long-term cash
requirements will likely be met by appropriately managing the timing
and volume of new document acquisitions, generating revenues from its
operations, drawing 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 favorable terms or at all) 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 through at least November 2005.



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 over the past few years has been internally promoted and
managed auctions to sell its documents.  For each item sold through
the Company's auctions, a 15% premium is charged.  Recently, the
Company has greatly increased its use of the internet and its website
to increase sales and profitability.  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, not depreciating, 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 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.  Based on an aggregate
historical cost, (not number of documents), only about one-third of
the Company's documents are listed on one or more of the various
distribution channels or displayed for sale.  As the Company's
distribution channels have changed over the years and are expected to
continue to change in the future, the volume of documents marketed in
any one year, or succession of years, changes significantly.  For
these reasons, it has been impractical for the Company to define its
operating cycle and, as a result, the Company presents its balance
sheet on an unclassified basis.  The Company believes that this
presentation better reflects the nature of the Company's business and
its principal asset.

       Over the past several years the cost of the Company's inventory
has ranged from its present level of approximately $6.5 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 value and historical profit margins and trends.
Such estimates are revised quarterly.




Results of Operations
---------------------
       Total revenues decreased 4% comparing the quarterly periods
ended March 31, 2005 to 2004.  For the six month period ended March
31, 2005, total revenues increased 5% compared to the six month
period ended March 31, 2004.  Comparing the two quarterly periods,
revenues decreased 12% for the Company's catalog operation and 15%
for revenues generated from the Company's website.  Total revenues
generated from the Company's catalog amount to 43% of total revenues
for the current quarter compared to 46% of total revenues in the
previous year quarter.  The Company's website produced 40% of the
Company's total revenues for the current quarter compared to 45% in
the previous year quarter period.  With the Company's increased
exposure and increased number of documents available, management
believes that the decrease can be attributed to increased
competition.  The increase comparing the two fiscal years six month
periods resulted from an increase in revenues generated at the
Company's headquarters in the current fiscal year first quarter and
an increase with the Company's involvement with eBay's Live Auctions.
Comparing the six month fiscal periods, revenues generated from the
Company's headquarters increased 69%.  The Company's involvement with
eBay Live Auctions this current fiscal year resulted in generating 9%
of the Company's total revenues for the current six month period
compared to less than 1% of total revenues generated in the previous
year's six month period.

       The Company continues to realize improved margins from its
internet revenues compared to revenues generated from its other
sources.  Comparing the quarter periods, cost of revenues for the
three month period ended March 31 resulted in 13% of total revenues
for 2005 and 14% of total revenues for 2004.  Total cost of revenues
as a percentage of total sales  was 12% of total revenues for the six
month period ended March 31, 2005 compared to 15% of total revenues
for the previous year six month period.

       Total operating expenses decreased 7% comparing the two quarter
periods ended March 31 and decreased 3% comparing the two six month
periods ended March 31, 2005 to 2004.  Selling, general, and
administrative expenses decreased 4% comparing the quarterly periods
and a slight decrease comparing the six month periods.  The cause of
declining expenses include lower catalog costs from fewer mailings,
lower general insurance premiums, and a reduction in the number of
employees.  Depreciation costs decreased 34% comparing the quarters
and 29% comparing the six month periods due to assets becoming fully
depreciated, primarily our archive and inventory software programs.








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

                Based on their evaluation, as of March 31, 2005, 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 significant changes
                in internal controls or in other factors that could
                significantly affect these controls subsequent to the
                date of their evaluation, including any corrective
                actions with regard to significant deficiencies and
                material weaknesses.













                          Part 2 - Other Information



Item 1-5.	None.




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

                (a)  Exhibits.
                    Exhibit 31.1 Certification of Chief Executive
                        Officer pursuant to Rule 13a-14(a).
                    Exhibit 31.2 Certification of Chief Financial
                        Officer pursuant to Rule 13a-14(a).
                    Exhibit 32.1 Certification of Chief Executive
                        Officer pursuant to Rule 13a-14(b).
                    Exhibit 32.2 Certification of Chief Financial
                        Officer pursuant to Rule 13a-14(b).




                (b)  Reports on Form 8-K.	   None.









                                  SIGNATURES



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






                                Gallery of History, Inc.
                                _______________________________
                                (Registrant)




Date   May 13, 2005             /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)



Date   May 13, 2005             /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)