It's so tough to tell from scans.
I will say that it's quite possible to paint that accurately with a brush even on a card.
But also that it takes some real talent, to the point that if I found a card like that priced low enough for me I'd buy it as a work of art.
The 39 seems more likely painted, there are a few little bits that look hand done. The 40 is really hard to tell, either printed or done by someone very skilled.
A few pics of handcolored postcards from the 30's are here
http://www.tuftsarchives.org/pinehur...red-postcards/
And from Ebay
http://www.ebay.com/itm/Pinehurst-NC..._qi=RTM1062687
Pretty spectacular, most aren't quite that good.
Steve B