Why is pg_dump using INSERTs instead of COPYs?

I've got a database running PostgreSQL 7.4.2 on Fedora Linux. In the
past, pg_dump would dump database backups using COPY to restore the
data. This time it appears that it has individual INSERTs for each
tuple. Perhaps I'm missing this in the latest documentation, but I
thought COPY was the default unless the --inserts switch is declared.
Can anyone think of why I'd be getting INSERTs?

Thanks.
-Tony