Age & sex of children? Maybe a color? With new hardware ... whatever you decide, I would paint the entire chest.

First things first: get this into good repair and working order. Don’t guess, go online and learn how it’s done. Is it an antique? Is it a good quality, solid wood, dove-tail joints vintage piece?
If it’s not antique, you might want to give this piece a good sanding to clean up the surface. Then you can apply some paint. Gray is out of fashion beginning this year. Go with a color that the boys like in their room. Navy? Yellow? Red? A good trick to painting is to not brush the paint very much. Apply several thin coats and let them dry each time. Be patient with it. You might add a highlight color with an artist brush. Gold on navy? White on yellow? Gold on red? Just to highlight the details. Good luck!

Some inspiration.

Thanks. The dresser is circa 1968-70. The right side is a cabinet and not drawers. It is solid wood. I plan to sand it down.
Like the idea of navy. My boys would like that.

Can I make a registry for family and friends for a house warming party

The wood on this is not special so i wouldn't even bother with leaving it wood or staining it. Paint the entire thing.

Clean it very well, use a de-glosser, and then prime with Zinsser oil based primer (I use the spray can it's easier). give it a fine sanding w/220 grit. wipe clean.

with these pieces its best to use a satin or glossy finish. BM Advance or General Finishes Milk Paint would be your best bet for this. I've used both on over 100 different pieces.

this would be the perfect choice. Coastal Blue. And get new hardware.

this one is Queenstown Gray,,

btw, this link has a bunch of pics and the proper how to's to paint this.

https://www.evolutionofstyleblog.com/2016/02/a-painter-in-your-pocket-painting-furniture.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+EvolutionOfStyle+(Evolution+of+Style)

and this one was done with One Step Paint, AmyHoward, and poly top coat by General finishes. Take you pick on whatever product you want.

https://amyhowardhome.com/step-by-step-mid-century-modern-dresser/

great tutorial w/Amy Howard paints.

sara, the OneStepPaint sounds like it may be a nice option. no priming. It paints like a chalk paint, but as you can see, doesn't look like it. you will need to use a poly or wax over it though. with the other two paints I mentioned, you won't need poly, but you will need primer. Which ever one is easier for you,,

The American Dream Blue would be great.

https://amyhowardhome.com/step-by-step-blue-and-white-chest/

For boys room I would do black and replace the handles with these leather ones..from Etsy.com (TROUBLEANDTRACE) can make any size you need and pulls too!....would be awesome...that way you can add any color over time and don’t have to change the dresser color...a white gray and black combination is great..you can still add navy blue...red...pretty much and accent you want! Have fun great project..

2 more that offer different colors.....Different styles.:)