Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
MANNES JOSEPH R
 2. Issuer Name and Ticker or Trading Symbol
TANDY LEATHER FACTORY INC [TLF] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)

4016 MCFARLIN BLVD		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2006
(Street)


DALLAS, TX 75205		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(check applicable line)

_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
COMMON STOCK PV $0.0024             7,000 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
NON-QUALIFIED STOCK OPTION (RIGHT TO BUY) (1) $ 0.5           03/26/1999 09/26/2008 COMMON STOCK PV $0.0024
2,000
  2,000
D
 
NON-QUALIFIED STOCK OPTION (RIGHT TO BUY) (1) $ 0.69           03/26/2000 09/27/2009 COMMON STOCK PV $0.0024
2,000
  2,000
D
 
NON-QUALIFIED STOCK OPTION (RIGHT TO BUY) (1) $ 1.06           03/26/2001 09/26/2010 COMMON STOCK PV $0.0024
2,000
  2,000
D
 
NON-QUALIFIED STOCK OPTION (RIGHT TO BUY) (1) $ 1.9           03/26/2002 09/26/2011 COMMON STOCK PV $0.0024
2,000
  2,000
D
 
NON-QUALIFIED STOCK OPTION (RIGHT TO BUY) (1) $ 2.72           03/26/2003 09/26/2012 COMMON STOCK PV $0.0024
2,000
  2,000
D
 
NON-QUALIFIED STOCK OPTION (RIGHT TO BUY) (1) $ 3.9           03/26/2004 09/26/2013 COMMON STOCK PV $0.0024
2,000
  2,000
D
 
NON-QUALIFIED STOCK OPTION (RIGHT TO BUY) (1) $ 3.87           03/27/2005 09/27/2014 COMMON STOCK PV $0.0024
2,000
  2,000
D
 
NON-QUALIFIED STOCK OPTION (RIGHT TO BUY) (1) $ 4.96           03/26/2006 09/26/2015 COMMON STOCK PV $0.0024
2,000
  2,000
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
MANNES JOSEPH R
4016 MCFARLIN BLVD
DALLAS, TX 75205		   X      

Signatures

JOSEPH R MANNES 02/14/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) GRANTED PURSUANT TO THE 1995 DIRECTOR NON-QUALIFIED STOCK OPTION PLAN OF TANDY LEATHER FACTORY, INC. IN A TRANSACTION EXEMPT UNDER RULE 16B-3.

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