How can I update these old metal trunks?
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Do you like the color? You could chalk paint them!
What exactly do you want to do ? Repurpose,paint,stain?
Give it a nice little shine up and update and then you can use it as a cool decor piece that also stores blankets! Something like this-http://www.hometalk.com/diy/clean/house/rusted-vintage-trunk-makeover-15251507
Rusted Vintage Trunk Makeover
personally I would not touch them if they are in original condition as you will devalue them - have you just considered covering them with fabric e.g. a table cloth that matches the room they are positioned.