The box is a two-piece cardboard, covered in blue paper, with a blue and yellow label which looks like a fence, with "HOLGATE TOYS" and "HOLGATE BROTHERS COMPANY * KANE PA." at the top and bottom. In the center, is typewritten "#106 | Peg Porcupine". The left edge of the label is damaged. A red black and gold toys sticker (hlt3) has been removed from the lower right, with just the left edge remaining. The box has wear, especially to the edges, but is intact.
This is similar to the "Porcupine Blocks" in the the 1931 catalog, and seen on Holgate #106 "Porcupine Blocks", bag only, but it has the later "Peg Porcupine" as used on the later version, as in Holgate #106 Peg Porcupine (round decal), so this one is likely 1932-1933.
The box also contained a yellow cotton bag, printed in a "bunny and fence" pattern. Although I didn't believe this to be original on first glance, it is nearly the exact size and construction of Holgate #106 "Porcupine Blocks", bag only, which seems an unlikely coincidence.