<SUBMISSION>
<ACCESSION-NUMBER>0001181431-03-026446
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20030728
<FILING-DATE>20031014
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>OUSLEY JAMES E
<CIK>0001200933
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>000-50223
<FILM-NUMBER>03938480
</FILING-VALUES>
<MAIL-ADDRESS>
<STREET1>18630 TEXAS AVE
<CITY>PRIOR LAKE
<STATE>MN
<ZIP>55372
</MAIL-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>ACTIVCARD CORP
<CIK>0001183941
<ASSIGNED-SIC>7372
<IRS-NUMBER>450485038
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>6623 DUMBARTON CIRCLE
<CITY>FREMONT
<STATE>CA
<ZIP>94555
<PHONE>5105710100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6623 DUMBARTON CIRCLE
<CITY>FREMONT
<STATE>CA
<ZIP>94555
</MAIL-ADDRESS>
</ISSUER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd20229.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-07-28</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001183941</issuerCik>
        <issuerName>ACTIVCARD CORP</issuerName>
        <issuerTradingSymbol>(ACTI)</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001200933</rptOwnerCik>
            <rptOwnerName>OUSLEY JAMES E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ACTIVCARD CORP.</rptOwnerStreet1>
            <rptOwnerStreet2>6623 DUMBARTON CIRCLE</rptOwnerStreet2>
            <rptOwnerCity>FREMONT</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94555</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeTransaction><securityTitle><value>Stock Option (right to buy)</value></securityTitle><conversionOrExercisePrice><value>9.30</value></conversionOrExercisePrice><transactionDate><value>2003-07-28</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>10000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-07-28</value><footnoteId id="F1"/></exerciseDate><expirationDate><value>2013-07-28</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>10000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>10000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">This option becomes exercisable with respect to 25% of the underlying shares on the first anniversary of the date of grant (7/28/04) and then with respect to 6.25% of the underlying shares each quarter thereafter for the next three years.</footnote></footnotes><ownerSignature><signatureName>Blair W. Geddes, Attorney-in-Fact</signatureName><signatureDate>2003-10-10</signatureDate></ownerSignature></ownershipDocument>



</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
