currval and nextval in 7.3.4

Hi,

I recently installed 7.3.4 (complete install from scratch) and both 'select
nextval('my_seq') from my_table' and 'select currval('my_seq') from my_table'
return a number of rows equal to the number of rows in the table.

The sequence was created with a SERIAL type if that helps.
In 'psql' the results look like this.

my_db=# select nextval('my_seq') from my_table;
nextval
---------
6
7
8
9
(4 rows)

my_db=# select currval('my_seq') from my_table;
currval
---------
9
9
9
9
(4 rows)

I get the same results using the JDBC driver so it's not a psql problem.

Any thoughts out there?