The legs are formed by semi-circular cutouts, instead of the shallow cutouts used later. The mallet is barrel-shaped. The two end pieces appear to be dark walnut, while the center is a yellow wood (maple?), stamped at one end, "U.S. PAT. NO. 1848598 | HOLGATE TOYS".
Originally came with a special ninth peg for driving the other pegs all the way out, which is missing. See Holgate #1082 Bingo Bed, mint, in colored box, with manual which is complete with the later style of this peg.
Note that in the 1934 and 1935 catalog listings, this is called the "Bingo Pounding Peg Board", but it is referred to as the "Bingo Bed" in other locations in the catalog.