Veneer. Underside of the table is a different wood and is one piece of veneer. Edges are edge banded so the gran goes around the table. It can still be stripped gently.

That is my childhood dining room table! I know the underneath side of it like the back of my hand from hide and go seek! Drexel is great sturdy furniture.

I had the same table! It was in my grandparent's house when I was a kid (probably when my Mom was a kid). I got it when my Mom bought a new table for herself.

I did refinish it - and "gently" is the key. Sadly I didn't take any "before" photos, and the after photos aren't great, but I was very happy with the way the table came out. We had 2 solatubes in the dining room, and the light fixture made a big shadow.

Veneer as are many good dining tables and yes if you have a very light hand it can be refinished if you are not comfortable doing it get a pro if the table is something you love. I agree drexel made some lovely pieces well worth a gentle refinish The style is awesome it is really quite attractive and IMO worth having done well

Don't sand it down, way too easy to go through the veneer and then you have a bigger problem. If you need to refinish use a chemical stripper, preferably a solvent-based one as a water based stripper may lift the veneer, especially the kind that needs to keep a wet surface for hours to work. Unfortunately the most effective solvents havd now been banned for use in DIY products, so I don't have a great recommendation.

I'd think about contacting a good pro to do spot repair of the finish. What I can see in the pictures doesn't need a full strip and refinish.