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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 A8UXDPrN/QI+xuKIDL/+n1tG1Y0l12uTbeHagZJuXNBKOmAz4MRUOU6L8D52VYCt
 sz+njEy5uOczJagmKS2qag==

<SEC-DOCUMENT>0001179110-04-011593.txt : 20040527
<SEC-HEADER>0001179110-04-011593.hdr.sgml : 20040527
<ACCEPTANCE-DATETIME>20040527064458
ACCESSION NUMBER:		0001179110-04-011593
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040524
FILED AS OF DATE:		20040527

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOYDS COLLECTION LTD
		CENTRAL INDEX KEY:			0001074530
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190]
		IRS NUMBER:				521418730
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		350 S ST
		CITY:			MCSHERRYSTOWN
		STATE:			PA
		ZIP:			17344
		BUSINESS PHONE:		7176339898

	MAIL ADDRESS:	
		STREET 1:		350 S ST
		CITY:			MCSHERRYSTOWN
		STATE:			PA
		ZIP:			17344

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LIPSCHULTZ MARC S
		CENTRAL INDEX KEY:			0001081717

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14843
		FILM NUMBER:		04833597

	BUSINESS ADDRESS:	
		STREET 1:		C/O KOHLBERG KRAVIS ROBERTS & CO
		STREET 2:		9 WEST 57TH ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2127508300

	MAIL ADDRESS:	
		STREET 1:		C/O KOHLBERG KRAVIS ROBERTS & CO
		STREET 2:		9 WEST 57TH ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-05-24</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001074530</issuerCik>
        <issuerName>BOYDS COLLECTION LTD</issuerName>
        <issuerTradingSymbol>FOB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001081717</rptOwnerCik>
            <rptOwnerName>LIPSCHULTZ MARC S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>9 WEST 57TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Director Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.57</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-05-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>2.57</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-05-24</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-05-24</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>Marc Lipschultz</signatureName>
        <signatureDate>2004-05-27</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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