Cruisin' on my Bluebird
GT is correct - the bike is re-painted. It looks like someone made a rough guess at matching the original paint and sprayed the bike down. Your other Continental displays the correct color blue.
But the bike was still a good buy, considering what you received. I'd be inclined to strip that over-spray blue and see what's left underneath. Worst case scenario, strip the bike and re-paint. You already have a good one with original paint, so maybe do a color of your choice for this one. The frame is certainly worth the work - it's old-style Schwinn straight gauge Cro-Mo. They're really nicely made bikes. Opal Green would look nice.
I'm certainly happy to have it, and yes, at some point a strip down will be in order. Doubting if anything if left beneath, but ironically another bike shop (sticker is on the down tube) near me had at some point sold it with this respray.
I'll see which color I come up with as close to an original color offered around 1948-1950. Plenty of time for that. I just want to keep working on getting everything else up to snuff.