Looking for the identification is interesting and turned up some other treasures to follow.
The owner of a large guitar repair and selling shop I used to frequent would wax lyrical about plywood or laminate opening up after 50 or so years. He was mad about laminate guitars and instruments made in Japan more than 40 - 50 years ago and was buying them for the shop. I have had several instruments which support his theory old laminates which seem to have opened up or improved that were more than 50 years old. Of course if you compare them to a solid wood good quality instrument built on the same day, there is still a marked difference, but they are definitely vibrating more freely than a new laminate instrument.
The Japanese built and still build fine musical instruments. They had good wood to make the laminates. So despite the low purchase price, the instrument in the photo may be a treasure which may just be loosening up. Perhaps it is not the best candidate to use for your first attempt at refinishing, and perhaps if you keep it clean and dry, it will last another 40(?) years or more as it is?
Maybe a better candidate for learning about refinishing would be a $30 Chinese thing? Sand off the colourful paint and get a natural wood look?
