I have had a number of those in the past. The signatures are not embedded/part of the image as with most facsimiles, but are definitely not hand-signed. I'm not sure what process they used, but they do have a "texture" to them that you can feel running your finger across the sig. The "ink" is much too uniform to be hand-signed though, especially if you look with a loupe where the lines cross each other. They're neat, but definitely facsimile.
Edit:
Even better than the Brookens example I had posted, I found a seller with your same Munson "signed" photo online, so if you want to upgrade yours to one with a signature without so much rubbing to it, you can for a mere $650.
http://steenosports.com/vintagevault...anmunsonhands/
Interesting that the signature does not appear in the same location, but just for kicks, I overlaid the two in Photoshop, and they are 100% exact matches, including the angle in which they are applied to the photo.