Welcome aboard! [#welcome]
Hmmmm…I’m 63 and a few years back I pulled out my trains that had been in storage since I was a teenager. So, I suspect we have similar stuff from a similar era. Your experience may vary, but…
It’s almost certainly brass track, Although you’ll find a few of us that say brass track is OK, it is not as good as nickel-silver which everyone uses now. But, there was some NS track even then, although it was premium-priced track and most of us, especially us teenagers, bought the cheaper brass. The brass track is gold in color, while nickel-silver is, well, silver. If you plan to put together a layout, replace the track.
I’ve been able to resurrect most of my old freight cars. They aren’t as nice as today’s models, but they’re serviceable, and run quite well with new wheels and couplers. Speaking of couplers, you probably have the old horn-hook type. Most trains today are sold with knuckle couplers. In many cases, switching from one to the other is pretty easy.
I had a dozen or so locomotives. Of them all, I’ve only got one whose mechanism was still working well enough to keep in service, and it’s so noisy that I don’t run it anymore. I did salvage the “shells,” or the plastic covers for the metal frame and motor, and put them on new mechanisms. I run a couple of them as dummy engines as well.
Unless you know something about power supplies, I’d strongly suggest getting a new one to power your trains. The ones I’ve got have frayed cords, and I only use them for small jobs like powering light bulbs. Eventually, I know I should phase them out, because low-grade equipment of that vintage is not up to today’s electrical safety standards.