Check the toy chest to make sure it is made of real wood and not an engineered wood such as particle board, fiberboard or any other composite material.
Chose a well-ventilated site to work in, such as a open garage or outdoor patio. Cover the floor with a drop cloth.
Remove all metal latches and hinges, including those that attach the toy chest's lid. Set aside all hardware inside a sealed plastic bag or a jar.
Place the toy chest on top of the drop cloth. Put on the chemical-resistant gloves and goggles. Pour out about 8 ounces of wood stripper into the empty metal can. Use the larger paint brush to apply the stripper to the wood. Work on one side of the toy chest at a time. Begin with the lid. Refill the metal can with stripper as needed.
Wait about 10 minutes for the stripper to penetrate the varnish or paint. The finish will begin to wrinkle or bubble as the stripper softens it and lifts it from the wood's surface.
Scrape the softened finish from the wood's surface. Use a small brush to remove the finish from inside corners, edges and small crevices.
Reapply another coat of stripper. Wait and scrape again. Repeat this process until all surfaces of the wood are clean of finish.
Apply stripper to a small cotton rag and wipe the wood clean one last time.
Follow the manufacturer's instructions for removing the stripper residue from the wood surface. Some products specify lacquer thinner or mineral spirit rinses; others recommend water.
Allow the bare wood, now stripped of its old finish, to dry for 24 hours.
Sand the wood to a smooth finish. Wear a mask to minimize inhaling small particles.
Mix oxalic acid and apply to stains. Wear protective goggles and a clean pair of chemical-resistant gloves while preparing the acid.
Prepare and apply wood filler to any holes in the wood.
Use a rag or stiff brush to apply grain filler if the toy chest is constructed with a wood that has an open grain structure, such as oak or walnut. Follow the product's directions. Allow to dry, according to directions. Sand lightly with the grain.
Apply stain to the wood with a clean cotton rag. Follow product directions specified on the container. Allow to set as directed, then wipe clean. Allow to dry.
Apply a heavy coat of sanding sealer over the stained wood. Allow it to soak for five minutes. Wipe it clean from the wood surface with a cotton rag. Allow the wood to dry overnight. Sand lightly with fine sandpaper.
Apply the final finish. Follow the directions specified on the label. Allow to dry.
Reattach metal hinges and latches.