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:  December 31, 1995


[  ]  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 5,917,654 shares of Common Stock, par value $.001, 
outstanding as of February 1, 1996.




<PAGE>
<TABLE>

                   Part 1  -  FINANCIAL INFORMATION


             GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES 
               CONSOLIDATED  BALANCE  SHEETS - UNAUDITED
<CAPTION>
                                   DECEMBER 31,   SEPTEMBER 30,
                                       1995           1995    
                                   -----------    -------------
<S>                               <C>            <C>
               ASSETS 
Cash                              $   102,992     $   171,295
Prepaid expenses                       79,276          57,843
Documents owned                     9,024,287       9,123,220
Land and building-net               1,518,781       1,530,278
Property and equipment-net            238,735         204,033
Other assets                          487,408         460,359
                                   __________      __________
TOTAL ASSETS                      $11,451,479     $11,547,028



            LIABILITIES
Accounts payable                  $    93,268     $    60,950
Notes payable                         290,802         321,553
Indebtedness to related parties        87,617         105,929
Mortgage notes payable              1,907,715       1,918,216
Deposits                              136,075         266,828
Accrued and other liabilities         150,466         129,129
                                   __________      __________
TOTAL LIABILITIES                 $ 2,665,943     $ 2,802,605



        STOCKHOLDERS' EQUITY 
Common stock: $.001 par value; 
  authorized, 10,000,000 shares; 
  issued and outstanding,
  5,917,654 shares                      5,918           5,918
Additional paid-in-capital          9,392,363       9,392,363
Accumulated deficit                  (612,745)       (653,858)
                                   __________      __________
TOTAL STOCKHOLDERS' EQUITY        $ 8,785,536     $ 8,744,423
                                  
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY            $11,451,479     $11,547,028
                                   ==========      ==========





<FN>
See the accompanying notes to consolidated financial statements.
______________________________________________________________________
</TABLE>
<PAGE>


<TABLE>
              GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
            CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
<CAPTION>

                                         THREE MONTHS ENDED
                                             DECEMBER 31,
                                        1995            1994
                                      --------        --------
<S>                                 <C>             <C>
REVENUES                             $ 635,622       $ 693,435

COST OF REVENUES                       170,911         185,679
                                      --------        --------
GROSS PROFIT                           464,711         507,756
                                      --------        --------

OPERATING EXPENSES:
 Selling, general and administrative   358,157         373,669    
 Depreciation                           37,016          52,943    
 Advertising                             9,712           8,955
 Maintenance & repairs                   6,791           9,607
 Loss on gallery closure                 5,676            --  
                                      --------        --------
TOTAL OPERATING EXPENSES               417,352         445,174
                                      --------        --------

OPERATING INCOME                        47,359          62,582
                                      --------        --------

OTHER INCOME (EXPENSE):
 Interest expense                      (58,833)        (68,681) 
 Other                                  52,687          42,930 
                                      --------        --------
TOTAL OTHER INCOME(EXPENSE)             (6,146)        (25,751) 
                                      --------        --------                 

INCOME BEFORE INCOME TAXES              41,213          36,831

PROVISION FOR INCOME TAXES                 100             100
                                      --------        --------

NET INCOME                           $  41,113       $  36,731
                                      ========        ========



EARNINGS PER SHARE:                     $.01           $.01
                                         ===            ===





<FN>
See the accompanying notes to consolidated financial statements. 
</TABLE>
<PAGE>


<TABLE>
              GALLERY  OF  HISTORY, INC. and SUBSIDIARIES
          CONSOLIDATED STATEMENTS OF CASH FLOWS  -  UNAUDITED
<CAPTION>
                                       THREE MONTHS ENDED DECEMBER 31,
                                               1995          1994 
<S>                                        <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income                                $  41,113     $  36,731
  Adjustments to reconcile net income 
   to net cash provided from (used in)
   operating activities:
     Depreciation and amortization             52,080        64,649
     Loss on disposal of property               3,437          --
     (Increase) decrease in:
       Prepaid expenses                       (21,433)      (11,252)
       Documents owned                         98,933       119,525
       Other assets                           (27,049)        4,494
     (Decrease) increase in:
       Accounts payable                        32,318        25,552
       Customer deposits                     (130,753)     (109,512)
       Accrued and other liabilities           21,337        28,397
                                             --------      --------
  Net cash provided by (used in)
   operating activities                        69,983       147,584
                     
CASH FLOWS USED FOR INVESTING ACTIVITIES:
  Purchase of property and equipment          (78,722)         (716)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from bank line of credit              --          25,000
  Repayments of bank line of credit              --         (85,000)
  Repayments of mortgage and notes payable    (59,564)     (111,387)
                                             --------      --------
  Net cash provided by (used in)
   financing activities                       (59,564)     (171,387)
                                             --------      --------

NET DECREASE IN CASH                          (68,303)      (24,519)
CASH, BEGINNING OF PERIOD                     171,295        33,961
                                             --------      --------
CASH, END OF PERIOD                         $ 102,992     $   9,442
                                             ========      ========





SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
For the three month period ended December 31, 1994:
 (1)  Stock options were exercised in part for the retirement of a 
      note payable in the amount of $18,750 to a related party.



<FN>
See the accompanying notes to consolidated financial statements. 
</TABLE>
<PAGE>



                GALLERY OF HISTORY, INC.  and SUBSIDIARIES 
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
            Three Month Period Ended December 31, 1995 and 1994
     _______________________________________________________________



     1)   Summary of Significant Accounting Policies
The consolidated financial statements included herein have been 
prepared by Gallery of History, Inc. (the Company), without audit, 
pursuant to the rules and regulations of the Securities and Exchange 
Commission.  In the opinion of management, all adjustments, 
consisting of normal recurring items, necessary for a fair 
presentation of the results for the interim periods have been made.  
Certain information and footnote disclosures normally included in 
financial statements prepared in accordance with generally accepted 
accounting principles have been condensed or omitted pursuant to 
such rules and regulations.  It is suggested that these consolidated 
financial statements be read in conjunction with the financial 
statements and the notes thereto included in the Company's 1995 
Annual Report on Form 10-KSB.


     2)   Unclassified Balance Sheet
The Company includes in its financial statements an unclassified 
balance sheet because it believes that such presentation is more 
meaningful as a consequence of the Company's policy of acquiring 
documents in excess of its current needs, when feasible, and it is not 
practicable to determine what portion of the documents owned will be 
sold within the next twelve months.


     3)  Earnings (Loss) per Share 
The computation of earnings or loss per share is based on the weighted 
average number of shares of common stock outstanding and stock options 
granted that are outstanding, if applicable.  The average number of 
shares of outstanding common stock for each of the three months ended 
December 31, 1995 and 1994 was 5,917,654 and 5,916,594, respectively.  


















<PAGE>

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


Liquidity and Capital Resources
-------------------------------

	Due to the nature of the Company's inventory of documents owned, 
the Company has presented an unclassified balance sheet (see Note 1 to 
the consolidated financial statements).  Accordingly, the traditional 
measures of liquidity in terms of changes in working capital are not 
applicable.

	Net cash provided by operating activities exceeded net cash used 
in operating activities for the three month period ended December 31, 
1995, by $69,982 due to the net income from operations, a decrease in 
the document inventory and a decrease in customer deposits, in 
addition to the non-cash depreciation charge.  The decrease in the 
document inventory was a result of reduced purchasing of inventory.  
Deposits from customers decreased $130,753 during the three month 
period ended December 31, 1995 due to a reduction of deposits received 
and held for future auction sales.  The cash generated from operations 
was primarily used for the purchase of new air conditioning units at 
the headquarters building and the reduction of mortgage and notes 
payable.

The Company has available a line of credit from its bank in the 
amount of $100,000 at an interest rate of 1.5% over the prime rate 
with a maturity date of July 15, 1996.  Loans under the line are 
secured by the Company's inventory.  As of December 31, 1995, there 
was no outstanding balance on this line of credit.

	The Company closed its Dallas, Texas gallery December 26, 1995.  
The loss realized in the current period for the closure amounted to 
$5,676, which was primarily the write-off of leasehold improvements.

	The Company believes that by continuing to reduce its overhead 
expenses and increasing revenues, its current cash and working capital 
requirements will be satisfied for the near term by revenue generated 
from operations and amounts available under the existing line of 
credit.  In the event the Company does not generate sufficient working 
capital from operations, the Company will seek alternative equity 
and/or debt financing, the availability and terms of which cannot be 
assured.



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

	Document sales decreased 8% for the three month period ended 
December 31, 1995 as compared to the three month period ended December 
31, 1994.  The Las Vegas and Dallas gallery sales were down an average 
of 15% comparing the quarters ended December 31, 1995 to 1994.  This 
was largely due to general decline in retail sales in the current 
quarter.  The Georgetown gallery sales increased 34% comparing the 
quarters due to a very poor holiday season in the 1994 quarter in
<PAGE>

addition to a major customer sale amounting to 9.6% of total sales in 
November 1995.  Sales generated from auctions during the current three 
month period amounted to 24% of total sales compared to 21% of total 
sales in the quarter ended December 31, 1994.  Cost of sales remained 
the same at 27% of net sales for both three month periods ended 
December 31, 1995 and 1994.

	Total operating expenses decreased 6% for the quarter ended 
December 31, 1995 compared to the quarter ended December 31, 1994.  
However, due to the decrease in sales, operating expenses increased to 
66% of net sales in 1995 compared to 64% of net sales in 1994.  
Selling, general and administrative expense decreased 4% (56% of net 
sales) for the three month period ended December 31, 1995 compared to 
the three month period ended December 31, 1994 (54% of net sales).  
Comparing the quarters,  salaries and related payroll taxes decreased 
8% due to a reduction of staff at the headquarters operation.  In 
addition, freight expense decreased 44% in the current period compared 
to the previous quarter due to a reduction in intercompany shipments.  
Depreciation expense decreased 30% to 6% of net sales for the three 
month period ended December 31, 1995 from 8% of net sales for the 
three months ended December 31, 1994.  The decrease can be attributed 
to a reduction of furnishings and equipment largely due to the closure 
of galleries.  Advertising expenses increased 8% to 2% of net sales in 
the current quarter as compared to 1% of net sales in the quarter 
ended December 31, 1994 due to expanded promotional campaigns the 
Company employed.  Repair expenses decreased 29% comparing the two 
quarter periods which was directly related to the gallery closures.

	Interest expense amounted to 9% of net sales for the three months 
ended December 31, 1995 as compared to 10% of net sales for the three 
months ended December 31, 1994.  The decrease in interest expense can 
be attributed to the lower average outstanding loan balances in the 
current period.  Included in selling, general and administrative 
expenses is 50% of the operating cost to maintain the headquarters 
building.  This percentage is the approximate percentage of leasable 
space of the building occupied by the Company's headquarters 
operation.  The remaining building operating expenses plus the rental 
revenues realized are offset and included in other income and expense.  
This amounted to approximately $45,000 operating profit for the three 
month period ended December 31, 1995 as compared to approximately 
$37,000 operating profit for the three month period ended December 31, 
1994.  The increase is due to an increase in the square footage leased 
in addition to increased rents.







Part II - Other Information

Item 1-5.	None.

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

            (a)  Exhibits.  None.
            (b)  Reports on Form 8-K.  None.
<PAGE>




                              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)






      February 6, 1996      /s  Todd M. Axelrod
Date _________________      ________________________________
                            Todd M. Axelrod
                            President and
                            Chairman of the Board
                            (Principal Executive Officer) 






      February 6, 1996      /s  Rod Lynam
Date _________________      _______________________________
                            Rod Lynam
                            Treasurer and Director
                            (Principal Accounting Officer)