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  March 31, 2008


[ ]  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
May 1, 2008.

Transitional Small Business Disclosure Format (Check one):  Yes [ ]   No [x]


                   Part 1  -  FINANCIAL INFORMATION

             GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
                     CONSOLIDATED  BALANCE  SHEETS
______________________________________________________________________
                                              MARCH 31,   SEPTEMBER 30,
                                                2008           2007
                                            (Unaudited)
                                             ---------      -----------
               ASSETS
Cash                                        $     2,716     $     1,517
Inventory of documents                        6,399,608       6,423,831
Deferred tax assets                           1,339,842       1,339,842
Property and equipment, net                   1,019,460       1,047,455
Other assets                                     90,631          61,394
                                             ----------      ----------
TOTAL ASSETS                                $ 8,852,257     $ 8,874,039
                                             ==========      ==========


            LIABILITIES AND
         STOCKHOLDERS' EQUITY

Accounts payable                            $    26,570     $    39,339
Notes payable:
  Majority stockholder                        2,112,636       1,895,226
  Other                                       1,160,718       1,168,781
Preferred stock dividend payable,
  majority stockholder                          198,310         147,620
Other liabilities                                81,790          79,374
                                             ----------      ----------
TOTAL LIABILITIES                             3,580,024       3,330,340
                                             ----------      ----------

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;
  1,715,016 shares issued (liquidation value,
  $3,430,032, including cumulative unpaid
  dividends in arrears of $198,310)                 808             808
Additional paid-in capital                   14,325,911      14,291,362
Deficit                                      (6,051,783)     (5,745,768)
Common stock in treasury,
  6,309,324 shares, at cost                  (3,008,671)     (3,008,671)
                                             ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                    5,272,233       5,543,699
                                             ----------      ----------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                      $ 8,852,257     $ 8,874,039
                                             ==========      ==========


See the accompanying notes to consolidated financial statements.
____________________________________________________________________________




              GALLERY  OF  HISTORY, INC.  and  SUBSIDIARIES
            CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
____________________________________________________________________________

                              THREE MONTHS ENDED        SIX MONTHS ENDED
                                   MARCH 31,                MARCH 30,
                               2008        2007          2008        2007
                             --------    --------     ---------   ---------


REVENUES                    $  96,367   $ 185,068    $  274,783  $  415,259

COST OF REVENUES                8,225      17,411        24,188      36,373
                             --------    --------     ---------   ---------
GROSS PROFIT                   88,142     167,657       250,595     378,886
                             --------    --------     ---------   ---------

OPERATING EXPENSES:
 Selling, general and
  administrative              220,679     204,977       453,747     395,417
 Depreciation                   8,896      10,216        18,148      20,123
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      229,575     215,193       471,895     415,540
                             --------    --------     ---------   ---------

OPERATING LOSS               (141,433)    (47,536)     (221,300)    (36,654)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority stockholder       (23,149)    (19,666)      (45,805)    (39,364)
   Other                      (23,295)    (26,525)      (46,634)    (53,813)
 Rental income, net of
   related expenses            26,806      19,927        51,919      47,610
 Other                             (5)       --           6,495          19
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (19,643)    (26,264)      (34,025)    (45,548)
                             --------    --------     ---------   ---------

NET LOSS                     (161,076)    (73,800)     (255,325)    (82,202)

Preferred stock dividend      (50,690)       --         (50,690)       --
                             --------    --------     ---------   ---------
NET LOSS APPLICABLE TO
  COMMON SHARES             $(211,766)  $ (73,800)   $ (306,015) $  (82,202)
                             ========    ========     =========   =========


BASIC LOSS PER SHARE:           $(.04)      $(.01)        $(.05)      $(.01)
                                 ====        ====          ====        ====
WEIGHTED AVERAGE SHARES
 OUTSTANDING                5,625,984   5,625,984     5,625,984   5,625,984
                             ========    ========     =========   =========


See the accompanying notes to consolidated financial statements.
____________________________________________________________________________




                 GALLERY OF HISTORY, INC. and SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF CASH FLOWS  -  UNAUDITED
____________________________________________________________________________

                                                SIX MONTHS ENDED MARCH 31,
                                                   2008           2007
                                                 --------       --------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                     $(255,325)      $ (82,202)
  Adjustments to reconcile net loss
  to net cash used in operating activities:
    Depreciation                                  25,045          33,860
    Contributed services of majority shareholder  16,506          16,506
    Stock-based compensation                      18,042            --
    Increase in operating (assets) liabilities:
      Inventory of documents                      24,223          52,837
      Other assets                               (29,237)        (36,266)
      Accounts payable                           (12,769)          7,669
      Other liabilities                            2,416         (18,632)
                                                --------        --------
Net cash used in operating activities           (211,099)        (26,228)
                                                --------        --------


CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of equipment                           (3,550)        (10,872)
  Proceeds from sale of property and equipment     6,500            --
                                                --------        --------
Net cash provided by (used in) investing
  activities                                       2,950         (10,872)
                                                --------        --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                         219,985          91,974
    Other                                        124,000         130,000
  Repayments of borrowings:
    Majority stockholder                          (2,574)        (16,440)
    Other                                       (132,063)       (163,993)
                                                --------        --------
Net cash provided by financing activities        209,348          41,541
                                                --------        --------

NET INCREASE IN CASH                               1,199          4,441
CASH, BEGINNING OF PERIOD                          1,517           1,738
                                                --------        --------
CASH, END OF PERIOD                            $   2,716       $   6,179
                                                ========        ========


SUPPLEMENTAL CASH FLOW INFORMATION:
  Dividend accrued on preferred stock          $  50,690       $  48,475
                                                ========        ========


See the accompanying notes to consolidated financial statements.
____________________________________________________________________________


                   GALLERY OF HISTORY, INC.  and SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
____________________________________________________________________________

Basis of Presentation
---------------------
       The consolidated financial statements as of March 31, 2008, and
for the three month periods ended March 31, 2008 and 2007, included
herein have been prepared by management of Gallery of History, Inc.
and subsidiaries (collectively, 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.  These consolidated financial statements
should be read in conjunction with the audited financial statements
and the notes thereto included in the Company's 2007 Annual Report on
Form 10-KSB, from which the September 30, 2007, balance sheet
information is derived.

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 March 31, 2008 and 2007, a total of 1,715,016 and
1,664,700 shares of Common Stock were issuable upon conversion of the
Preferred Stock.

Revenue-sharing Arrangement
---------------------------
       Since fiscal 2007, the Company's principal officer and majority
shareholder, Mr. Todd Axelrod, has 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 three and six
month periods ended March 31, 2008, 4 and 16 documents were sold for
$806 and $7,902, and the Company's revenue share was $628 and $6,000,
respectively.  During the three and six month periods ended March 31,
2007, 12 and 17 documents were sold for $8,901 and $70,289 and the
Company's revenue share was $7,998 and $49,155, respectively.

Stock-based compensation
------------------------
       As an employment inducement, the Company's 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
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
statement for the three and six month periods ended March 31, 2008
include share-based compensation expense of approximately $9,000 and
$18,000 associated with these options.  The outstanding options were
not given effect in a computation of 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 his part-time
services (at a rate of approximately $30,000 per year) is recorded as
expense and additional paid-in capital.

Income Taxes
------------
       The Company has provided 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
more likely than not 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.

       Effective with the quarter ended December 31, 2008, the Company
was required to apply Financial Accounting Standards Board
Interpretation No. 48, Accounting for Uncertainty in Income Taxes
(FIN 48).  Based on its analysis of the Company's tax provisions,
deferred tax assets and the related valuation allowance, management
determined that there was no impact to the Company's financial
statements during the period of initial adoption of the provisions of
FIN 48. including with respect to its opening deficit or related
disclosures.







                  Part 1 - Item 2  Financial Information
                   MANAGEMENT'S DISCUSSION AND ANALYSIS
                           OR PLAN OF OPERATION

Forward Looking Statements
--------------------------
       This report contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended, 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, on its website (www.sec.gov), 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 the date of this filing.


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 held in inventory
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 increased
significantly largely due to the increased net loss.  In addition,
the Company had increased its prepaid expenses while decreasing its
account payable balance during the current six month period.
Contrary, the Company continues to benefit from a reduction in
acquiring document inventory which has been replaced by the revenue-
sharing arrangement previously described.  The cash deficiency from
operating activities was mainly funded from increased borrowings from
the Company's principal officer/stockholder.

       The Company has a bank line of credit in the amount of $100,000
through August 2008.  Loans under the line of credit are secured by
the Company's inventory of documents owned and bear interest at the
prime rate plus 1.5%.  As of March 31, 2008, there was $2,000
available against this line of credit.  The Company's term mortgage
note was renewed in July 2007 in the amount of $1,087,251 and has an
8.25% interest rate and a maturity date of July 15, 2012.  The note
is collateralized by the Company's building.

       Prior to 2006, the Company borrowed $1,000,000 from its
principal officer/stockholder, Todd Axelrod.  The advance was due on
demand but not prior to October 31, 2009, with monthly interest
payable at 6%.  Interest expense on the related party advance was
$15,170 and $15,000 for the three months ended March 31, 2008 and
2007, respectively.  Interest expense on this loan was $30,339 and
$30,167 for the six months ended March 31, 2008 and 2007,
respectively.  The Company has also borrowed other amounts, from Mr.
Axelrod, from time to time.  The funds borrowed have an interest rate
of 3%.  The principal balance of the funds borrowed in addition to
the foregoing $1,000,000 totaled $1,112,636 and $658,090 as of March
31, 2008 and 2007, respectively.  Interest expense on these related
party borrowings was $7,979 and $4,666 for the three months and
$15,465 and $9,197 for the six months ended December 31, 2008 and
2007, 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 March 31, 2008 and 2007,
a total of 1,715,016 and 1,664,700 shares of Common Stock were
issuable upon conversion of the Preferred Stock.

       The Company's internet sales and direct purchase website have
become the Company's principal and highest margin distribution
channel.  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.

       The Company believes that its current cash requirements will be met
by generating revenues from operations, appropriately managing the timing
and volume of new document acquisitions, including the use of the
revenue-sharing agreement with Mr. Axelrod, drawing against its
available line of credit, seeking additional borrowings
collateralized by its documents inventory (although there can be no
assurance that such financing will be obtainable on 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, 2009.


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 $6.4 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 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 and income taxes.  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 effective tax
planning strategies, as defined in Financial Accounting Standards
Board (FASB) Statement No. 109, consisting of the possible sale of
appreciated document inventory, particularly if partially sold in
bulk, and/or real estate, that would produce gains that may be
realized as needed to protect the Company's loss carryforwards.  The
potential gain and related tax effect is estimated based on
management's perception of current market activity and estimate of
value and historical profit margins and trends.  Such estimates are
revisited and revised quarterly.

       Effective with the quarter ended December 31, 2008, we were
required to apply FASB Interpretation No. 48, Accounting for
Uncertainty in Income Taxes (FIN 48). Based on our analysis of our
tax provisions, deferred tax assets and the related valuation
allowance, we determined that there was no impact to our financial
statements upon initial adoption of the provisions of FIN 48,
including with respect to our opening deficit or related disclosures.


       Recently issued accounting pronouncements.  In March 2008, the
Financial Accounting Standards Board (FASB) issued Statement of
Accounting Standards (SFAS) No. 161, "Disclosures About Derivative
Instruments and Hedging Activities - an amendment of FASB Statement
No 133".  SFAS 161 expands the disclosure requirements in SFAS 133,
"Accounting for Derivative Instruments and Hedging Activities",
regarding derivative instruments and hedging activities.  SFAS 161
will be effective for the Company's fiscal year beginning October 1,
2008.  As SFAS 161 relates specifically to disclosures regarding
matters that the Company is typically not involved in, SFAS 161 will
likely have no impact on the Company's future financial condition,
results of operations or cash flows.

       In December 2007, the FASB issued SFAS 160, "Noncontrolling
Interests in Consolidated Financial Statements". It requires that a
noncontrolling (minority) interest in a subsidiary, including a
variable interest entity, should be reported as equity in the
consolidated financial statements. SFAS 160 will not likely have any
effect on the Company's consolidated financial statements since we
are not presently contemplating investing in, establishing or
acquiring a subsidiary with a noncontrolling interest.  SFAS 160 will
be effective, if applicable, for the Company's fiscal year beginning
October 1, 2009.

       In December 2007, the FASB issued SFAS 141R, "Business
Combinations", which replaces SFAS 141, "Business Combinations".  We
have not yet evaluated SFAS 141R for the impact, if any, that SFAS
141R might have on our future financial statements in the event we
make any business combination or other covered acquisitions after its
effective date, which for us will be September 30, 2009.  No such
transactions are presently contemplated.

       In September 2006, the FASB issued SFAS 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, and expands disclosure about fair
value measurements in the financial statements, if any.  In February
2007, the FASB issued SFAS 159, "The Fair Value Option for Financial
Assets and Financial Liabilities - Including an Amendment of FASB
Statement 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 157 and 159 was
scheduled to become effective for us for fiscal year 2009, and
interim periods within those fiscal years; however, the effective
date for SFAS 157 has been delayed one year with respect to
nonfinancial assets and liabilities carried at fair value, if any, to
the extent not already adopted, which we have not.  We are not
currently carrying any assets or liabilities at fair value.
Therefore, the requirements of SFAS 157 will not apply to our
financial statements unless we elect to do so under SFAS 159, which
election is presently not expected.  Accordingly, there is no likely
impact on our future financial statements expected of either of these
two standards.





Results of Operations
---------------------
       Revenues decreased 48% comparing the quarter periods and 34%
comparing the fiscal year-to-date periods ended March 31, 2008 to
March 31, 2007.  Revenues generated from the Company's internet site
decreased 50% for the quarter period and 34% for the six month
period.  Revenues generated from our eBay site decreased 11%
comparing the quarter periods and 31% comparing the six month
periods.  The decrease in revenues is primarily due to a general
decrease in discretionary spending and to the economic slowdown in
general.

       In October 2006, the Company entered into a revenue-sharing
arrangement with our principal officer/stockholder, 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.  The Company
receives the same guarantee as our principal officer/stockholder
would receive as to the authenticity warranty obtained from the
vendors.  The Company has also independently verified our principal
officer/stockholder's cost of the consigned inventory.  Included in
revenues for the three month periods ended March 31, 2008 and 2007,
are fees of $627 and $7,998, respectively, associated with this
arrangement.  For the six month period, the Company realized $6,000
for 2008 and $50,681 for 2007.  The fees for the first quarter of
fiscal 2007, included a particular large sale.

       Cost of documents sold decreased slightly comparing the quarter
periods to 8.5% of net revenues for the quarter ended March 31, 2008
from 9.4% of net revenues for the previous year quarter.  Cost of
documents sold remained the same comparing the two six month periods
at 8.8% of net revenues.

       Total operating expenses increased 7% for the three month period
ended March 31, 2008 compared to the previous year period and they
increased 14% comparing the six month periods.  Total selling,
general and administrative expenses increased 8% comparing the two
quarter periods and 15% comparing the six month periods.  The
majority of the increase resulted from the increase in salary
expense.  Comparing the two quarters, salary and related tax expense
and benefits increased 38%.  Comparing the six month periods, these
expenses also increased 38%.  The increase is the result of the
hiring of our current Vice President of Sales and as an employment
inducement, he was granted options in April 2007 to acquire 50,000
shares of the Company's common stock.  The financial statements for
fiscal 2008 includes share-based compensation expense of
approximately $18,000 associated with these options not included in
the prior year.

       Also included in selling, general and administrative expenses is
50% of the operating cost to maintain the headquarters building.
This percentage is the ratio that the square footage occupied by the
Company's headquarters operation bears to the total leasable space of
the building.  The remaining building operating expenses plus the
rental income realized are included net in other income and expense
($51,919 for the six month period ended March 31, 2008, as compared
to $47,610 for six month period ended March 31, 2007).











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

                Based on their evaluation, as of March 31, 2008, 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 March 31, 2008, 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   May 14, 2008             /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)



Date   May 14, 2008             /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)