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


                                  FORM 10-QSB



[x]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934
                                For the quarterly period ended   June 30, 2006


[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934
                                For the transition period from ______ to _____
                                Commission file number            0-13757




                            GALLERY OF HISTORY, INC.
        (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)


                                   (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, 2006.

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,
                                            2006             2005
                                         (Unaudited)
                                          ---------       ----------

               ASSETS
Cash                                     $       305     $     2,116
Inventory of documents                     6,505,917       6,451,310
Deferred tax assets                        1,339,842       1,339,842
Property and equipment, net                1,116,720       1,173,538
Other assets                                 141,623         139,564
                                          ----------      ----------
TOTAL ASSETS                             $ 9,104,407     $ 9,106,370
                                          ==========      ==========



            LIABILITIES
Accounts payable                         $   114,336     $    51,373
Notes payable:
  Majority stockholder                     1,466,421       4,280,063
  Other                                    1,267,952       1,380,633
Accrued salaries,
  majority shareholder                         --            423,684
Other liabilities and accruals                80,122          91,408
                                          ----------      ----------
TOTAL LIABILITIES                          2,928,831       6,227,161
                                          ----------      ----------


        STOCKHOLDERS' EQUITY
Common stock: $.0005 par value;
  20,000,000 shares authorized;
  11,935,308 shares issued                     5,968           5,968
Preferred stock: $.0005 par value;
  4,000,000 shares authorized;
  1,615,861 shares issued                        808            --
Additional paid-in-capital                14,235,062      10,555,655
Deficit                                   (5,057,591)     (4,673,743)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 6,175,576       2,879,209
                                          ----------      ----------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 9,104,407     $ 9,106,370
                                          ==========      ==========



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,
                               2006        2005          2006        2005
                             --------    --------     ---------   ---------

REVENUES                    $ 153,437   $ 265,203    $  502,469  $  879,455

COST OF REVENUES               15,021      39,695        52,716     115,699
                             --------    --------     ---------   ---------
GROSS PROFIT                  138,416     225,508       449,753     763,756
                             --------    --------     ---------   ---------

OPERATING EXPENSES:
 Selling, general and
  administrative              194,444     324,768       715,425   1,078,592
 Depreciation                  10,750      24,136        35,680      81,887
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      205,194     348,904       751,105   1,160,479
                             --------    --------     ---------   ---------

OPERATING LOSS                (66,778)   (123,396)     (301,352)   (396,723)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority stockholder       (18,461)    (75,058)      (85,604)   (207,784)
   Other                      (29,372)    (31,878)      (89,369)    (96,174)
 Rental income, net            30,877      23,151        84,925      68,347
 Other                           --          --           7,552        --
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (16,956)    (83,785)      (82,496)   (235,611)
                             --------    --------     ---------   ---------


NET LOSS                    $ (83,734)  $(207,181)   $ (383,848) $ (632,334)
                             ========    ========     =========   =========




BASIC LOSS PER SHARE:           $(.01)      $(.04)        $(.07)      $(.11)
                                 ====        ====          ====        ====


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,
                                                  2006           2005
                                                --------       --------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                    $(383,848)     $(632,334)
  Adjustments to reconcile net loss
   to net cash used for
   operating activities:
     Depreciation and amortization               56,818        103,333
     Contributed services                        24,759           --
     (Increase) decrease in:
       Inventory of documents                   (54,607)        75,213
       Other assets                              (2,059)        (1,896)
     (Decrease) increase in:
       Accounts payable                          62,963        (48,688)
       Accrued expenses and other liabilities   (11,286)       228,798
                                               --------       --------
  Net cash used in operating activities        (307,260)      (275,574)
                                               --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment               --           (6,899)
                                               --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                        425,582        334,734
    Other                                       161,000        235,000
  Repayments of borrowings:
    Majority stockholder                         (7,452)        (7,734)
    Other                                      (273,681)      (286,950)
                                               --------       --------
  Net cash provided by financing activities     305,449        275,050
                                               --------       --------

NET DECREASE IN CASH                             (1,811)        (7,423)

CASH, BEGINNING OF PERIOD                         2,116         59,868
                                               --------       --------
CASH, END OF PERIOD                           $     305      $  52,445
                                               ========       ========



SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during period for interest         $  188,596      $ 303,958
Capitalization of accrued salaries,           =========       ========
  majority shareholder                       $  423,864          --
Issuance of preferred stock in partial        =========
  settlement of note payable,
  majority shareholder                       $3,231,772          --
                                              =========

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, 2006, and for
the three and nine month periods ended June 30, 2006 and 2005,
included herein have been prepared by Gallery of History, Inc. and
subsidiaries (the "Company"), without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission applicable
to interim financial information.  Certain information and note
disclosures normally included in financial statements prepared in
accordance with accounting principles generally accepted in the
United States have been condensed or omitted pursuant to such rules
and regulations.  In the opinion of management, all adjustments,
consisting of normal recurring items, necessary for a fair
presentation of the results for the interim periods have been made.
It is suggested that these consolidated financial statements be read
in conjunction with the audited financial statements and the notes
thereto included in the Company's 2005 Annual Report on Form 10-KSB,
from which the September 30, 2005, balance sheet information is
derived.






Preferred Stock
---------------
       On January 20, 2006, the Company held a special meeting of
shareholders for the following purpose:  (1) to approve and authorize
the amendment of the Company's Articles of Incorporation to authorize
the issuance of up to 4,000,000 shares of Series A Preferred stock,
par value $0.0005; and (2) to approve and authorize the issuance of
1,615,861 shares, constituting 100% of the outstanding shares, of
Series A Preferred Stock, par value $0.0005, with an aggregate
liquidation preference of $3,231,772, to the Company's principal
officer and majority shareholder, Todd M. Axelrod, at an agreed value
of $2 per share, in consideration for cancellation of $3,231,772 in
aggregate principal amount of the note payable constituting
indebtedness of the Company owed to Mr. Axelrod.  The preferred stock
is entitled to a semi-annual dividend based on an annual rate of 3%.
The remaining balance of this loan due Mr. Axelrod, $232,271 as of
January 20, 2006, continued with the same terms as previous including
an interest rate of 3% annually.







                    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 increase in net cash used for operating activities in the
current nine month period of fiscal 2006 resulted largely from
increases in inventory purchases.  Contributed services of $24,759
from two officers were recognized in the nine month period ended June
30, 2006, and salaries of $423,864 accrued in previous years have
been credited to paid-in capital in the current fiscal year.  The
cash flow deficiencies have been funded primarily from borrowings
from the Company's bank line of credit and loans from the Company's
majority stockholder.

       The Company is taking steps in an effort to improve its
operating results by attempting to increase sales through its direct
purchase website and other internet activity, which, combined, have
become the Company's highest margin distribution channel.  Because of
the size and diversity of its inventory, management believes the
Company is well positioned to compete favorably with any firm
offering similar products, but continues to be unable to generate
sufficient sales to make a profit.  To generate sufficient sales, the
Company may need (but has not committed) to lower prices in addition
to adding much more of its available inventory to the website.  In
addition, Mr. Axelrod is not being paid a salary in cash, and the
Company is now recording compensation at the estimated fair-value of
his reduced services and doing likewise with respect to another
officer.  On January 20, 2006, the stockholders of the Company voted
to approve and authorize to issue 1,615,861 shares of Series A
Preferred Stock to Mr. Axelrod in consideration for cancellation of
$3,231,772 in aggregate principal amount of indebtedness of the
Company owed to Mr. Axelrod.  The remaining outstanding loan to Mr.
Axelrod is to be paid at the reduced interest rate of 3%.  The
Preferred Stock is entitled to an annual dividend rate of 3%.

       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 ($34,000
available at June 30, 2006), seeking additional borrowings
collateralized by its documents inventory (although there can be no
assurance that such financing will be obtainable on acceptable terms)
and borrowing from Mr. Axelrod as required.  Mr. Axelrod has also
agreed not to demand payment on amounts the Company has borrowed and,
if necessary, defer his right to receive interest payments and
dividends on preferred stock through at least July 1, 2007.



Critical Accounting Estimates, Policies and Practices
-----------------------------------------------------
       Revenues.  The Company recognizes revenues from document sales
when title passes to the customer upon shipment.  Typically, shipment
does not occur until payment has been received.  Shipping and
handling costs and related customer charges are not significant in
relation to selling prices.  The Company's primary distribution
channel currently is through its website.  The balance of the
Company's sales is from repeat customers through its corporate office
and consigned inventory to other auction establishments.


       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 to potentially generate increased sales to attain
short-term profitability.  Based on an aggregate historical cost (not
number of documents), only about one-third of the Company's documents
are listed and made available on one or more of the various
distribution channels or displayed for sale.  As the Company's
distribution channels have changed over the years and are expected to
continue to change in the future, the volume of documents marketed in
any one year, or succession of years, changes significantly.  For
these reasons, it has been impractical for the Company to define its
operating cycle and, as a result, the Company presents its balance
sheet on an unclassified basis.  The Company believes that this
presentation better reflects the nature of the Company's business and
its principal asset.

       Over the past several years, the cost of the Company's inventory
has ranged from its present level of approximately $6.5 million,
which management believes is a sufficient supply of documents to
provide for managing rarity and its other purposes, to roughly $7.2
million.  Management has no current intention of changing
significantly the composition of its inventory.


       Deferred tax assets.  The Company provides a valuation allowance
against deferred tax assets (primarily associated with tax loss
carryforwards) to the extent that such tax assets are not likely to
be utilized as a result of any gain on the Company's appreciated
document inventory, if sold in bulk.  The hypothetical gain and
related tax effect is estimated based on management's perception of
market activity and estimate of value and historical profit margins
and trends.  Such estimates are revisited and revised quarterly as
necessary.




Results of Operations
---------------------
       Total revenues decreased 42% comparing the quarterly periods and
43% comparing the nine month periods ended June 30, 2006 to June 30,
2005.  The majority of the decrease was the absence of the Company's
catalog operation in the current fiscal year.  During the current
quarter the Company did not conduct any catalog auctions.  In the
previous year quarterly period, catalog auction revenues comprised
24% of the Company's total revenues.  For the current nine month
period, the Company conducted one auction which totaled 2% of the
Company total revenues compared to the previous year nine month
period that amounted to 27% of total revenues.  In addition, the
Company has not consigned any inventory to outside auctions in the
current fiscal year.  Those revenues comprised 5% of total revenues
in the nine month period of the previous fiscal year.  The Company's
internet generated revenues increased 1% comparing the quarterly
periods and decreased 8% comparing the nine month periods.  Revenues
from the Company's involvement with eBay increased 15% comparing the
quarterly periods and increased 42% comparing the two nine month
periods.  Revenues generated through eBay comprised 22% of the
current quarter's total revenues and 24% of the current nine month
period's total revenues.  Through its higher pricing, the Company
continues to maintain its higher gross profit margins.  Cost of
revenues amounted to 10% of net revenues for the quarter period ended
June 30, 2006 compared to 15% of net revenues for the quarter ended
June 30, 2005.  For the nine month period ended June 30, 2006, cost
of revenues amounted to 10% of net revenues compared to 13% of net
revenues for the nine month period ended June 30, 2005.

       Total operating expenses decreased 41% comparing the quarterly
periods and 35% comparing the nine month periods ended June 30, 2006
to June 30, 2005.  The decrease is largely because of the reduction
in officer compensation.  Salaries decreased 57% comparing the
quarterly periods and they decreased 51% comparing the nine month
periods.  The Company has also reduced advertising which decreased
45% comparing the quarterly and about 1% comparing the nine month
periods.  Catalog printing and mailing costs in fiscal 2006 amounted
to less the 1% of total revenues.  In fiscal 2005, catalog printing
and mailing cost amounted to 7% of total revenues.  Depreciation
costs decreased 55% comparing the quarterly periods and decreased 56%
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, 2006, the
                Company's Chief Executive Officer and Chief Financial
                Officer have concluded that our disclosure controls and
                procedures (as defined in Rule 13a-15(e) and 15d-15(e)
                under the Securities Exchange Act of 1934, as amended)
                are effective.  There have been no changes in our
                internal control over financial reporting during the
                quarter ended June 30, 2006, that have materially
                affected, or are reasonably likely to materially affect,
                our internal control over financial reporting.









                          Part 2 - Other Information

Item 1-5.	None.

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

(a)   Exhibits.

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

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

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

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




















                                  SIGNATURES



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






                                Gallery of History, Inc.
                                _______________________________
                                (Registrant)




Date   Augus 11, 2006          /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)



Date   August 11, 2006          /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)