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   March 31, 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 May 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
______________________________________________________________________
                                          MARCH 31,      SEPTEMBER 30,
                                            2006             2005
                                         (Unaudited)
                                          ---------       ----------

               ASSETS
Cash                                     $     1,810     $     2,116
Inventory of documents                     6,481,192       6,451,310
Deferred tax assets                        1,339,842       1,339,842
Property and equipment, net                1,134,486       1,173,538
Other assets                                 168,274         139,564
                                          ----------      ----------
TOTAL ASSETS                             $ 9,125,604     $ 9,106,370
                                          ==========      ==========



            LIABILITIES
Accounts payable                         $   132,271     $    51,373
Notes payable:
  Majority stockholder                     1,361,022       4,280,063
  Other                                    1,288,469       1,380,633
Accrued salaries due to
  majority shareholder                         --            423,684
Other liabilities and accruals                92,785          91,408
                                          ----------      ----------
TOTAL LIABILITIES                          2,874,547       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                14,226,809      10,555,655
Deficit                                   (4,973,857)     (4,673,743)
Common stock in treasury,
  6,309,324 shares, at cost               (3,008,671)     (3,008,671)
                                          ----------      ----------
TOTAL STOCKHOLDERS' EQUITY                 6,251,057       2,879,209
                                          ----------      ----------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $ 9,125,604     $ 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         SIX MONTHS ENDED
                                   MARCH 31,                 MARCH 31,
                               2006        2005          2006        2005
                             --------    --------     ---------   ---------

REVENUES                    $ 140,689   $ 300,887    $  349,032  $  614,252

COST OF REVENUES               14,316      38,334        37,696      76,004
                             --------    --------     ---------   ---------
GROSS PROFIT                  126,373     262,553       311,336     538,248
                             --------    --------     ---------   ---------

OPERATING EXPENSES:
 Selling, general and
  administrative              228,649     382,540       520,980     753,824
 Depreciation                  12,266      26,377        24,930      57,751
                             --------    --------     ---------   ---------
TOTAL OPERATING EXPENSES      240,915     408,917       545,910     811,575
                             --------    --------     ---------   ---------

OPERATING LOSS               (114,542)   (146,364)     (234,574)   (273,327)
                             --------    --------     ---------   ---------

OTHER INCOME (EXPENSE)
 Interest expense
   Majority stockholder       (26,684)    (68,521)      (67,143)   (132,726)
   Other                      (29,254)    (31,736)      (59,997)    (64,296)
 Rental income, net            29,440      27,635        54,048      45,196
 Other                           --          --           7,552        --
                             --------    --------     ---------   ---------
TOTAL OTHER EXPENSE           (26,498)    (72,622)      (65,540)   (151,826)
                             --------    --------     ---------   ---------


NET LOSS                    $(141,040)  $(218,986)   $ (300,114) $ (425,153)
                             ========    ========     =========   =========




BASIC LOSS PER SHARE:           $(.03)      $(.04)        $(.05)      $(.08)
                                 ====        ====          ====        ====


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

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                    $(300,114)     $(425,153)
  Adjustments to reconcile net loss
   to net cash used for
   operating activities:
     Depreciation and amortization               39,052         72,136
     Contributed services                        16,506           --
     (Increase) decrease in:
       Inventory of documents                   (29,882)        49,965
       Other assets                             (28,710)       (17,125)
     (Decrease) increase in:
       Accounts payable                          80,898        (40,367)
       Accrued expenses and other liabilities     1,378        149,479
                                               --------       --------
  Net cash used in operating activities        (220,872)      (211,065)
                                               --------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment               --           (2,200)
                                               --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings:
    Majority stockholder                        319,354        224,782
    Other                                        90,000        160,000
  Repayments of borrowings:
    Majority stockholder                         (6,624)        (4,619)
    Other                                      (182,164)      (222,751)
                                               --------       --------
  Net cash provided by financing activities     220,566        157,412
                                               --------       --------

NET DECREASE IN CASH                               (306)       (55,853)

CASH, BEGINNING OF PERIOD                         2,116         59,868
                                               --------       --------
CASH, END OF PERIOD                           $   1,810      $   4,015
                                               ========       ========



SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during period for interest          $  54,274      $ 197,022
                                               ========       ========
Issuance of preferred stock in settlement of
 capitalization of accrued officer salaries   $ 423,864      $   --
                                               ========       ========


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, 2006, and for
the three and six month periods ended March 31, 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 Todd M. Axelrod, at an
agreed value of $2 per share, in consideration for cancellation of
$3,231,772 in aggregate principal amount of indebtedness of the
Company owed to Mr. Axelrod.  The preferred stock will be entitled to
a semi-annual dividend based on an annual rate of 3%.  The remaining
amount of this loan due Mr. Axelrod, $232,271 as of January 20, 2006,
will continue 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
-------------------------------
       Net cash flows used by operating activities remained basically
unchanged comparing the six month periods ended March 31, 2006 and
2005.  Cash used in operating activities, largely resulting from the
net loss was offset somewhat by an increase in accounts payable as a
result primarily from increased professional fees.  In addition,
document inventory increased in the period.  Purchases of new
documents amount to approximately $68,000 in the first six month
period ended March 31, 2006.  Contributed services of $16,506 from
two officers were recognized in the six month period ended March 31,
2006, and salaries of $423,864 accrued in previous years have been
credited to paid-in capital.  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 operating
results by increasing 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 ($40,000
balance at March 31, 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 April 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.  In the past year, the
Company has seen a continued decrease in its internally promoted
auctions to a degree it has considered discontinuing the catalog
operation.  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 53% comparing the quarterly periods and
43% comparing the six month periods ended March 31, 2006 to March 31,
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 auctions.  In the previous
year quarter period, auction revenues comprised 43% of the Company's
total revenues.  For the current six month period, the Company
conducted one auction which totaled 2% of the Company total revenues
which is a decrease of 95% compared to the previous year six month
period that amounted to 29% of total revenues.  The Company has been
considering discontinuing the catalog operation because of the cost
of the catalog production and the general lack of success of its
auctions.  The one auction conducted in the current six month period
netted the Company $5,852 after cost of revenues and catalog costs.
In the previous year six month period, the Company conducted three
auctions that netted an average of $29,050 per auction after cost of
revenues and catalog costs.  Headquarters generated revenues were
lower because of a couple larger sales that occurred in the previous
year period.  Revenues generated through the Company's web site
decreased 28% comparing the three month period ended March 31, 2006
to the previous year quarter.  These revenues did amount to 61% of
the total Company's 2006 quarter revenues compared to 40% of total
revenues for the 2005 quarter.  Comparing the six month periods, the
web site revenues decrease 11% and amounted to 65% of total revenues
for 2006 compared to 42% of total revenues for 2005.  The decreases
can be attributed to the increased availability of similar documents
from competitors on the internet.  To offset these decreases, the
Company's Ebay involvement increased 79% comparing the two quarter
periods and increased 58% comparing the two six month periods.  For
the quarter, Ebay revenues comprised 31% of total revenues generated
compared to 8% in the previous year quarter.  For the six month
period, Ebay revenues amounted to 24% of total revenues compared to
9% in the previous year.  Through its higher pricing, the Company has
continued to maintain its higher gross profit margins.  Cost of
revenues decrease to 10% of net revenues for the quarter period ended
March 31, 2006 compared to 13% of net revenues for the quarter ended
March 31, 2005.  For the six month period ended March 31, 2006, cost
of revenues amounted to 11% of net revenues compared to 12% of net
revenues for the previous year six month period.

Total operating expenses decreased 41% for the quarter period and 33%
for the six month period.  Selling, general and administrative
expenses decreased 40% comparing the quarter ended March 31, 2006 to
March 31, 2005 and they decreased 31% comparing the six month
periods.  For the most part, the Company did not incur any catalog
printing and mailing costs in fiscal 2006.  Catalog costs amounted to
13% of total revenues for the quarter ended March 31, 2005 and these
costs amounted to 10% of total revenues for the six month period
ended March 31, 2005.  Salary expense decreased 55% comparing the
quarter periods and decrease 50% comparing the two six month periods
because of the reduction in officer salaries.  These decreases were
partially offset in the current fiscal period by a 194% increase in
professional fees as a result of the Company's issues relating to the
continued listing of common stock on NASDAQ, as previously reported
on Form 8-K, incurred in the first quarter of fiscal 2006.
Depreciation costs decreased 63% comparing the quarters periods and
decreased 57% comparing the six 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 March 31, 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 March 31, 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.

      3.     Amendment to Articles of Incorporation

     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 12, 2006             /s/  Todd M. Axelrod
       _________________        _______________________________
                                Todd M. Axelrod
                                President and
                                Chairman of the Board
                                (Principal Executive Officer)




Date   May 12, 2006             /s/  Rod Lynam
       _________________        _______________________________
                                Rod Lynam
                                Treasurer and Director
                                (Principal Financial and Accounting Officer)