Should SERIAL column have MAXVAL set on sequence

I have a table in our DB that functions as a queue with a SERIAL column for
its primary key.  At 4am this weekend I started getting the error:

ERROR:  integer out of range

Which was attributed to the sequence incrementing past the size of the int4
serial column after several years of operation.

I was able to set the sequence back to 1 and everything was happy.

I was wondering if the SERIAL column should set the MAXVAL=2147483647 when
it creates the sequence?

I ended up fixing my queue table with the following to avoid the issue in
the future:

ALTER SEQUENCE transfer_transferid_seq MAXVALUE 2147483647 CYCLE;

Thanks,
Woody

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