Changing the column type on the fly was not possible in the ancient version 7.4. Check the old manual. You had to add another column, update it with the (possibly transformed) values and then drop the old one, rename the new one - preferably in a single transaction. With side effects on views or other depending objects ...
To avoid this kind of problem altogether I suggest to use plain text
or varchar
(without length modifier) for character data. Details in this related question.