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   June 30, 2003


     [ ]  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 August 1, 2003.





                      Part 1  -  FINANCIAL INFORMATION

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

                                           JUNE 30,      SEPTEMBER 30,
                                             2003            2002
                                          -----------    ------------
                                          (Unaudited)

               ASSETS
Cash                                     $     8,059     $    12,494
Prepaid expenses                              44,888          49,181
Inventory of documents owned               6,353,188       6,460,125
Deferred tax assets                        1,193,369         965,267
Property and equipment, net                1,514,068       1,568,553
Other assets                                 129,187         122,107
                                          ----------      ----------
TOTAL ASSETS                             $ 9,242,759     $ 9,177,727
                                          ==========      ==========




            LIABILITIES
Accounts payable                         $    31,244     $    25,046
Notes payable:
  Majority shareholder                     3,091,059       2,809,133
  Other                                    1,551,988       1,579,514
Accrued expenses and other                   541,643         281,055
                                          ----------      ----------
TOTAL LIABILITIES                          5,215,934       4,694,748
                                          ----------      ----------



        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       9,870,655
Deferred stock-based compensation               --           (18,709)
Accumulated deficit                       (2,822,127)     (2,366,264)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 4,026,825       4,482,979
                                          ----------      ----------

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 9,242,759     $ 9,177,727
                                          ==========      ==========


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,
                               2003        2002          2003        2002
                             --------    --------     ---------   ---------
                                        (Restated)                (Restated)

REVENUES                    $ 305,185   $ 380,028    $1,049,847  $  948,586

COST OF GOODS SOLD             69,166     173,791       288,528     319,646
                             --------    --------     ---------   ---------
GROSS PROFIT                  236,019     206,237       761,319     628,940
                             --------    --------     ---------   ---------

OPERATING EXPENSES:
 Selling, general and
  administrative              419,118     302,492     1,159,494   1,077,205
 Depreciation                  42,779      44,235       127,352     134,915
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      461,897     346,727     1,286,846   1,212,120
                             --------    --------     ---------   ---------

OPERATING LOSS               (225,878)   (140,490)     (525,527)   (583,180)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority shareholder       (46,356)    (45,981)     (136,424)   (131,059)
   Other                      (35,397)    (37,173)     (106,087)   (113,175)
 Rental income, net            19,184       8,810        57,922      29,113
 Other                         24,392         421        26,151       3,123
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (38,177)    (73,923)     (158,438)   (211,998)
                             --------    --------     ---------   ---------

LOSS BEFORE INCOME
 TAX BENEFIT                 (264,055)   (214,413)     (683,965)   (795,178)

INCOME TAX BENEFIT             85,333      71,508       228,102     286,391
                             --------    --------     ---------   ---------

NET LOSS                    $(178,722)  $(142,905)   $ (455,863) $ (508,787)
                             ========    ========     =========   =========

BASIC AND DILUTED LOSS
 PER SHARE:                     $(.03)      $(.03)        $(.08)      $(.09)
                                 ====        ====          ====        ====

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,
                                                 2003           2002
                                               --------       --------
                                                             (Restated)

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Loss                                    $(455,863)     $(508,787)
  Adjustments to reconcile net loss
   to net cash used for
   operating activities:
     Depreciation and amortization              148,809        154,525
     (Gain)Loss on disposal of property, net      1,750             42
     Common stock issued for services              (291)       117,975
     (Increase) decrease in:
       Prepaid expenses                           4,293          1,524
       Deferred tax assets                     (228,102)      (286,391)
       Inventory of documents owned             106,937        209,512
       Other assets                              (7,080)        36,301
     (Decrease) increase in:
       Accounts payable                           6,198        (19,661)
       Accrued expenses and other               260,588         22,550
                                               --------       --------
  Net cash used in operating activities        (162,761)      (272,410)
                                               --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment            (96,074)        (1,180)
                                               --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority shareholder                        327,760        436,500
    Other                                       375,214        293,000
  Repayments of borrowings:
    Majority shareholder                        (45,834)       (30,814)
    Other                                      (402,740)      (371,490)
                                               --------       --------
  Net cash provided by financing activities     254,400        327,196
                                               --------       --------

NET INCREASE (DECREASE) IN CASH                  (4,435)        53,606

CASH, BEGINNING OF PERIOD                        12,494          7,957
                                               --------       --------
CASH, END OF PERIOD                           $   8,059      $  61,563
                                               ========       ========


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during period for interest          $ 242,511      $ 234,400
                                               ========       ========



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, 2003, and for
the three and nine month periods ended June 30, 2003 and 2002,
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 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 audited financial statements and the notes
thereto included in the Company's 2002 Annual Report on Form 10-KSB,
from which the September 30, 2002, balance sheet information is
derived.




Reclassifications
-----------------
Certain prior year amounts have been reclassified to conform with the
current period presentation.




Prior period restatement
------------------------
In the Company's previously issued June 2002 interim statements of
operations, the tax valuation allowance was determined to be
overstated as a result of not considering unrecorded appreciation in
the inventory of documents owned required by Statement of Financial
Accounting Standards No. 109, Accounting for Income Taxes.
Therefore, the June 2002 interim statements of operations have been
retroactively restated.  The effects of the restatements were to
increase the income tax benefit and decrease the net loss for the
three and nine month periods by $71,508 and $286,391, respectively.











                    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.



Liquidity and Capital Resources
-------------------------------
        The unique characteristic of some documents owned may become more rare
with their current market value rising significantly over time.  In many
instances the Company has a supply of similar documents that, if marketed
simultaneously, may 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.

        The Company's monthly debt service requirement on $4,643,047 of
borrowings, including $3,091,059 due to the Company's majority shareholder and
president, Todd Axelrod, is approximately $18,000.

        Historically, the Company has experienced cash flow deficiencies which
may continue and have been funded primarily with borrowings from Mr. Axelrod.
Management believes, but there is no assurance, that the need for such
borrowings should diminish, and profitability and cash flows will likely
improve, with the full implementation of the Company's strategic plans (see
Results of Operations).

        For the nine months ended June 30, 2003, the Company had a negative
cash flow from operating activities due to insufficient sales to support
current overhead commitments.  The cash used in operating activities was
offset by a decrease in inventory purchases and an increase in accrued
liabilities, primarily unpaid officer salaries.

        The Company believes that its current cash requirements will likely be
met by appropriately managing the timing and volume of new document
acquisitions and availability for sale, generating revenues from its
operations, drawing amounts under its existing line of credit ($34,000
available at June 30, 2003), 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
amounts 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 October 1, 2003.



Critical Accounting Policies and Practices
------------------------------------------
        Revenues.  The Company recognizes revenues from document sales when
title passes to the customer upon shipment.  Typically, shipment does not
occur until payment has been received.  The Company's primary distribution
channel over the past few years has been internally promoted and managed
auctions to sell its documents and certain documents it may hold from time to
time on consignment.  For each item sold through the Company's internal
auctions, a 15% premium (processing fee) is charged plus a commission on
consigned sales.  Shipping and handling costs and related customer charges are
not significant.  The Company also sells its documents through externally
managed and promoted auctions, which is becoming a large share of its
revenues.  The outside auction operator shares in the document's selling
price (approximately 5%) and the Company records the balance as revenue.  The
balance of the Company's sales are from repeat customers through its corporate
office and web shoppers.

        Inventory of documents owned and operating cycle. Documents owned are
stated at cost on a specific-identification method, not in excess of estimated
market value.  Management reviews the recorded cost and estimated value of the
documents owned on a regular basis (at least quarterly) to determine the
adequacy of the allowance for market value declines, if any.

        Management believes that the Company's inventory of documents is
generally appreciating, not depreciating, in value.  As a result, managing the
rarity of certain types or categories of documents through the judicious
marketing of only a selection of documents available in the Company's
inventory is an important element of the Company's business.  This element is
one of the reasons that the Company has accumulated and maintains a supply of
documents that is significantly greater than it intends or expects to sell in
a year or even aggressively market.  On an aggregate historical cost basis
(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.  By point of reference, the aggregate cost of these actively marketed
items is approximately three times the cost of documents sold during the year.
As the Company's distribution channels have changed over the years and are
expected to continue to change in the future, the volume of documents marketed
in any one year, or succession of years, changes significantly.  For these
reasons, it has been impractical, for the Company to define its operating cycle
and, as a result, presents its balance sheet on an unclassified basis.  The
Company believes that this presentation better reflects the nature of the
Company's business and its principal asset.

        Over the past several years the cost of the Company's inventory as of
its fiscal year end has ranged from its present level of approximately $6.4
million, 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 significantly changing the composition
of its inventory and, as a result, the Company accounts for changes in the
cost of documents owned as an adjustment to arrive at cash flows from
operating activities.


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

        Total revenues decreased 20% for the three month periods ended
June 30, 2003 compared to June 30, 2002.  Total revenues increased 11%
comparing the nine month periods ended June 30, 2003 to June 30, 2002.  The
decrease in the quarter period was a result of the Company not participating
in outside auctions as it did in the previous year.  Consigned auctions
amounted to 5% of total revenues generated in the current quarter compared to
50% of total revenues generated in the previous year quarter.  Internet related
revenues increased 327% comparing the quarter periods to 34% of total revenues
for the current quarter compared to 6% of total revenues for the 2002 quarter.
Internet revenues amounted to 25% of total revenues generated in the nine month
period ended June 30, 2003 compared to 5% of total revenues in 2002.  The
Company's catalog auction revenues increased 24% comparing the quarter periods
to 52% of total revenues for the quarter ended June 30, 2003 compared to 34%
for the previous year quarter period.  Comparing the nine month periods,
catalog auction revenues decreased 8% to 50% of total revenues for the period
ended June 2003, compared to 60% for the nine month period ended June 30, 2002.

        Total cost of revenues decreased to 23% of net revenues for the quarter
ended June 30, 2003 compared to 46% of net revenues for the quarter ended
June 30, 2002.  Total cost of revenues decreased to 27% of net revenues for
the nine month period ended June 30, 2003 compared to 34% of net revenues for
the nine months ended June 2002.  The decrease in document costs of revenues
can be attributed to the decreased revenues generated from outside consigned
auctions.  Revenues generated from outside auctions result in a higher cost
because the Company has less control setting the minimum selling price.

        Total operating expenses increased 33% comparing the quarter periods
and 6% comparing the nine month periods.  The increases are the result of
accruing officer salaries in the current period which were abated in the
previous year period.  Salaries increased 72% comparing the quarter periods to
68% of net revenues for the 2003 quarter compared to 32% of net revenues for
the previous year quarter.  Comparing the nine month periods, salaries
increased 63% to 58% of net revenues for 2003 compared to 40% for 2002.
Depreciation costs decreased slightly due to certain assets that became fully
depreciated during the current nine month period.







Item 3.		Controls and Procedures.
                ------------------------
                Based on their evaluation, as of a date within 90 days of the
                filing date of this form 10-QSB, our Chief Executive Officer
                and Chief Financial Officer have concluded that our disclosure
                controls and procedures (as defined in Rule 13a-14(c) and
                15d-14(c) 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 99.1 Certification of Chief Executive
                        Officer Pursuant to 18 U.S.C. Section 1350, as
                        Adopted Pursuant to Section 906 of the Sarbanes-
                        Oxley Act of 2002.

                        Exhibit 99.2 Certification of Chief Financial
                        Officer Pursuant to 18 U.S.C. Section 1350, as
                        Adopted Pursuant to Section 906 of the Sarbanes-
                        Oxley Act of 2002.


                (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   August 13, 2003          /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and Chairman of the Board
                                (Principal Executive Officer)


Date   August 13, 2003          /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)


CERTIFICATION
-------------

I, Todd Axelrod, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of Gallery of
History, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarter report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent functions):
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6. The registrant's other certifying officer and I have indicated in this
quarterly report whether there were significant changes in internal controls
or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.

Date:  August 13, 2003
                                   /s/ TODD AXELROD
                                   _______________________
                                   Todd Axelrod
                                   Chief Executive Officer



CERTIFICATION
-------------

I, Rod Lynam, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Gallery of
History, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent functions):
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6. The registrant's other certifying officer and I have indicated in this
quarterly report whether there were significant changes in internal controls
or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.


Date:  August 13, 2003
                                    /s/  ROD LYNAM
                                    _______________________
                                    Rod Lynam
                                    Chief Financial Officer