I also believe the red and green paint are someone’s restoration attempt in the past. We have to remember that, as these toys surpass 100 years of age, a sprucing up 40 or 50 years ago, as Wayne mentioned, starts to look like an original finish these days.
And yes, spraying paint has been around a long time, although the paint on my cast iron 1919 Elektro is super thick. Almost like it was dunked in the paint, but no evidence of brush strokes.