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   June 30, 2007


[ ]  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 August 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
______________________________________________________________________
                                           JUNE 30,     SEPTEMBER 30,
                                             2007           2006
                                         (Unaudited)
                                          ---------      -----------
               ASSETS
Cash                                     $     1,018     $     1,738
Inventory of documents                     6,443,865       6,504,288
Deferred tax assets                        1,339,842       1,339,842
Property and equipment, net                1,061,728       1,100,381
Other assets                                  67,516          53,996
                                          ----------      ----------
TOTAL ASSETS                             $ 8,913,969     $ 9,000,245
                                          ==========      ==========


            LIABILITIES AND
         STOCKHOLDERS' EQUITY

Accounts payable                         $    42,620     $   100,093
Notes payable:
  Majority stockholder                     1,786,393       1,582,556
  Other                                    1,139,765       1,186,815
Other liabilities                            178,433         145,922
                                          ----------      ----------
TOTAL LIABILITIES                          3,147,211       3,015,386
                                          ----------      ----------

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 at June 30, 2007 and
  September 30, 2006, $3,329,401 and
  $3,280,198 including cumulative
  unpaid dividends in arrears of
  $97,679 and $48,476)                           808             808
Additional paid-in capital                14,274,088      14,243,315
Deficit                                   (5,505,435)     (5,256,561)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 5,766,758       5,984,859
                                          ----------      ----------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 8,913,969     $ 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         NINE MONTHS ENDED
                                   JUNE 30,                  JUNE 30,
                               2007        2006          2007        2006
                             --------    --------     ---------   ---------


REVENUES                    $ 105,686   $ 153,437    $  520,945  $  502,469

COST OF REVENUES                6,695      15,021        43,068      52,716
                             --------    --------     ---------   ---------
GROSS PROFIT                   98,991     138,416       477,877     449,753
                             --------    --------     ---------   ---------

OPERATING EXPENSES:
 Selling, general and
  administrative              193,289     194,444       588,705     715,425
 Depreciation                  10,033      10,750        30,156      35,680
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      203,322     205,194       618,861     751,105
                             --------    --------     ---------   ---------

OPERATING LOSS               (104,331)    (66,778)     (140,984)   (301,352)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority stockholder       (20,813)    (18,461)      (60,177)    (85,604)
   Other                      (26,642)    (29,372)      (80,455)    (89,369)
 Rental income,
   net of expenses             34,316      30,877        81,926      84,925
 Other                           --          --              19       7,552
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (13,139)    (16,956)      (58,687)    (82,496)
                             --------    --------     ---------   ---------

NET LOSS                     (117,470)    (83,734)     (199,671)   (383,848)

Preferred stock dividend         --          --         (49,203)       --
                             --------    --------     ---------   ---------
NET LOSS APPLICABLE TO
  COMMON SHARES             $(117,470)  $ (83,734)   $ (248,874) $ (383,848)
                             ========    ========     =========   =========


BASIC LOSS PER SHARE:           $(.02)      $(.01)        $(.04)      $(.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
____________________________________________________________________________

                                                  NINE MONTHS ENDED JUNE 30,
                                                     2007           2006
                                                   --------       --------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                       $(199,671)     $(383,848)
  Adjustments to reconcile net loss
  to net cash used for operating activities:
    Depreciation and amortization                   50,761         56,818
    Contributed services of majority shareholder    24,759         24,759
    Stock based compensation                         6,014           --
    Increase in operating (assets) liabilities:
      Inventory of documents                        60,423        (54,607)
      Other assets                                 (13,520)        (2,059)
      Accounts payable                             (57,473)        62,963
      Other liabilities                            (16,692)       (11,286)
                                                  --------       --------
 Net cash used in operating activities            (145,399)      (307,260)
                                                  --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchase of equipment                             (12,108)          --
                                                  --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                           222,869        425,582
    Other                                          214,000        161,000
  Repayments of borrowings:
    Majority stockholder                           (19,032)        (7,452)
    Other                                         (261,050)      (273,681)
                                                  --------       --------
 Net cash provided by financing activities         156,787        305,449
                                                  --------       --------

NET DECREASE IN CASH                                  (720)        (1,811)

CASH, BEGINNING OF PERIOD                            1,738          2,116
                                                  --------       --------
CASH, END OF PERIOD                              $   1,018      $     305
                                                  ========       ========


SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during period for interest             $ 140,052     $  188,596
Noncash investing and financing activities:
  Capitalization of accrued salaries,
    majority shareholder                              --       $  423,864
  Issuance of preferred stock in partial
    settlement of note payable, majority
    stockholder                                       --       $3,231,772
  Dividend accrued on preferred stock            $  49,203           --


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 June 30, 2007, and
for the three month and nine month periods ended June 30, 2007 and
2006, 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.


Issuance of preferred stock
---------------------------
       Prior to 2006, the Company borrowed $1,000,000 from its
principal officer/shareholder, Todd Axelrod.  The advance was due on
demand but not prior to October 31, 2008, with monthly interest
payable at 6%.  Interest expense on the related party advance was
$45,500 and $60,833 for the nine months ended June 30, 2007 and 2006,
respectively.  The Company has also borrowed other amounts, from Mr.
Axelrod, from time to time.  The funds borrowed had an interest rate
of 1.5% above the prime lending rate but was reduced to 3% as of
September 1, 2005.  The principal balance of the funds borrowed in
addition to the foregoing $1,000,000 totaled $786,393 and $582,556 as
of June 30, 2007 and September 30, 2006, respectively.  Interest
expense on these related party borrowings was $14,677 and $43,918
during the nine months ended June 30, 2007 and 2006, respectively.
The funds were used to supplement cash flows from operating
activities.  On January 20, 2006, the Company held a special meeting
of stockholders and approved converting $3,231,722 of debt to its
principal officer/stockholder into 1,615,861 shares of Series A
Convertible Preferred Stock.  The Series A Convertible Preferred
Stock earns dividends at the annual rate of 3% applied to the
liquidation value, and payable semi-annually so long as resources are
legally available for that purpose (unless waived by the holder).
Unpaid dividends are cumulative, are added to the liquidation value
(upon which the annual dividend rate is applied), and are
preferential in the event of liquidation and with respect to any
dividends or other distributions to Common Stockholders.  The
Preferred Stock is non-voting (except as may be required by law) and
convertible at any time at the option of the holder at a fixed rate
of one common share for every $2 in liquidation value, as adjusted,
per share of Preferred Stock at the time of conversion, subject to
adjustment in the event of future increases or decreases in the
number of outstanding shares of Common Stock for a price other than
the then conversion price of the Preferred Stock or in the event of
issuance of certain other securities.  As of June 30, 2007 and
September 30, 2006, a total of 1,664,700 and 1,640,099 shares of
Common Stock were issuable upon conversion of the Preferred Stock.


Revenue-sharing Arrangement
---------------------------
       During the nine month period ended June 30, 2007, the Company's
principal officer and majority shareholder, Mr. Todd Axelrod,
purchased 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 nine month period ended June 30,
2007, 26 documents subject to the revenue-sharing arrangement were
sold for $104,187 (9 documents were sold during the current quarter
for $33,898).  The Company's revenue share for the three month and
nine months was $22,832 and $71,987, respectively, and is included in
revenues.


Stock-based compensation
------------------------
       As an employment inducement, the recently hired 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 estimated 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.  The
financial statements for the three months ended June 30, 2007
includes share-based compensation expense of approximately $6,000
associated with these options.  The outstanding options were not
given effect to compute diluted loss per share for the period since
to do so would have been anti-dilutive.


Contributed Services
--------------------
       The Company's president and majority shareholder does not
receive a salary.  Accordingly, the estimated value of such services
(approximately $30,000 per year) is recorded as expense and
additional paid-in capital.





Income Taxes
------------
       The Company provides 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
likely to be utilized, after consideration of tax planning
strategies.  Such valuation allowance is the reason for the variation
in the customary relationship between income tax benefit and the
pretax accounting loss.



Unresolved comments from SEC Staff
----------------------------------
       The staff of the SEC has question the adequacy of the Company's
deferred tax asset valuation allowance, and management is in the
process of responding to the staff's questions and concerns. Upon
resolution of the matter, there could be a restatement of up to a
$1.3 million increase in the allowance and a like increase in the
deficit as of October 1, 2005, with no effect on current or
comparable prior period operations.







                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
       -------------------------------
       The net cash flow deficiency from operating activities was
mainly funded from increased borrowings.  However, comparing the
deficits from operating activities of the previous year period, the
current fiscal year deficit is less by approximately 50% as is the
current year borrowings when comparing the two yearly periods.  The
majority of this decrease in the operating activity deficit occurred
from the reduction of inventory purchases.  In the current nine month
period the deficit from operating activities resulted from, in
addition to the net loss, a decrease in accounts payable.

       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 and by taking advantage of
merchandising opportunities through the use of its revenue-sharing
agreement with Mr. Axelrod, which, combined, have become the
Company's highest margin distribution channels.  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 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.  Recently, the Company has
offered discount promotions on its website with some success but
continues to maintain a gross profit in the 90% range.

       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, including the use of the
revenue-sharing agreement with Mr. Axelrod, generating revenues from
its operations, drawing against its available line of credit ($49,000
available at June 30, 2007), 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 October 31, 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 which includes consignment
sales related to the revenue-sharing arrangement with Mr. Axelrod.
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 but may supplement its
base with such opportunities as the revenue-sharing arrangement with
Mr. Axelrod.


       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 exceeds an amount
considered by management as more likely than not to be utilized as a
result of any gain on the Company's appreciated document inventory,
if partially sold in bulk, and/or real estate, that may be realized
as needed to protect the carryforwards and, therefore, considered
effective tax planning strategies as defined in FASB Statement No.
109.  The potential 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.


       Unresolved comments from SEC Staff.  The staff of the SEC has
question the adequacy of the Company's deferred tax asset valuation
allowance, and management is in the process of responding to the
staff's questions and concerns. Upon resolution of the matter, there
could be a restatement of up to a $1.3 million increase in the
allowance and a like increase in the deficit as of October 1, 2005,
with no effect on current or comparable prior period operations.


       Recently issued accounting pronouncements.  In September 2006,
the Financial Accounting Standards Board (FASB) issued Statement of
Financial Accounting Standard (SFAS) No. 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 of America, and expands disclosure
about fair value measurements.  In February 2007, the FASB issued
SFAS No. 159, The Fair Value Option for Financial Assets and
Financial Liabilities - Including an Amendment of FASB Statement No.
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 Nos. 157 and 159 will
become effective for us for fiscal year 2009, and interim periods
within those fiscal years.  We are currently evaluating the
requirements of SFAS Nos. 157 and 159, and have not yet determined
the likely, if any, impact on our future financial statements.

       In July 2006, the FASB issued Interpretation No. 48 (FIN 48)
Accounting for Uncertainty in Income Taxes, an Interpretation of FASB
Statement No. 109.  FIN 48 clarifies the accounting for income taxes by
prescribing the minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements.  FIN 48 will be
effective for our fiscal year 2008.  We do not expect that the adoption of
FIN 48 will have a significant impact on our future financial position,
results of operations, and cash flows.  However, we are evaluating the impact
that FIN 48 will have on the amount, reporting, and disclosures relating to
our deferred tax assets resulting primarily from tax loss carryforwards.





       Results of Operations
       ---------------------
       Revenues decreased 31% comparing the quarter period ended June 30, 2007
to the quarter period ended June 30, 2006.  Revenues increased 4% for the nine
month period ended June 30, 2007 compared to the nine month period ended
June 30, 2006.  The majority of the decrease was the result of a reduction
of revenues derived from the Company's sales on eBay which decreased 71%
comparing the quarter periods and a decrease of 67% comparing the nine month
periods.  Revenues generated from the Company's web site decreased 16%
comparing the quarter periods and increased by 28% comparing the nine month
periods.  The decrease in revenues can again be attributed to internet
competition.  Excluding the effects of the revenue-sharing arrangement
discussed in the following paragraph, the Company's cost of revenues
continued to decline to 8% of net revenues for the three month period and 10%
of net revenues for the nine month period ended June 30, 2007.

       During the current fiscal year, the Company entered into a revenue-
sharing arrangement with our principal officer/shareholder, Mr. Todd Axelrod,
whereby the Company physically safeguards, catalogs, and markets certain
historical documents, that Mr. Axelrod owns personally, 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 independently verifies the cost of any item sold pursuant to this
arrangement.  The Company believes this fee arrangement is considerably more
favorable to the Company than could be obtained from an independent third
party.  Included in revenues for the three and nine month periods ended June
30, 2007, are fees of $22,832 and $71,987, respectively, associated with this
arrangement.

       Total operating expenses decreased 1% for the three month period and
decreased 18% for the nine month period ended June 30, 2007 compared to the
previous year periods.  Reductions came principally from advertising expenses,
professional fees and salary expenses.  The Company became more selective in
its advertising and reduced the expense by 14% comparing the quarter periods
and 38% comparing the nine month periods.  Professional fees decreased due to
fees incurred in fiscal 2006 relating to Nasdaq compliance issues.  Salaries
decreased 9% comparing the nine month periods.  However, comparing the
quarterly periods, salaries increased 36% as a result of the recent employment
of a new Vice President of Sales for the Company.  As an employment inducement,
the recently hired vice-president of sales was granted options to acquire
50,000 shares of the Company's common stock.  The financial statements for the
three months ended June 30, 2007 includes share-based compensation expense of
approximately $6,000 associated with these options not included in the prior
year.  Depreciation costs decreased 7% comparing the quarter periods and 15%
comparing the nine month periods 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 June 30, 2007, 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 June 30, 2007, that have materially
          affected, or are reasonably likely to materially affect, our
          internal control over financial reporting.






                    Part 2 - Other Information

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds.
          -----------------------------------------------------------

          On April 16, 2007, the Company issued to one employee an
          aggregate 50,000 options to purchase a like number of
          shares of the Company's Common Stock at an exercise
          price of $2.19 per share (the closing price on April 16,
          2007). The options are subject to a vesting schedule and
          expire upon the earlier of five years from the date of
          grant or the termination of the employee's employment
          with the Company, irrespective of the reasons for any
          such termination.  The options were granted  pursuant to
          the exemption from the registration requirements under
          the Securities Act of 1933, as amended, under Section 4(2)
          of such Act.





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   August 10, 2007          /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)



Date   August 10, 2007          /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)