“Column default value settings” shows different than what it should be

Question

I changed the default values for set of columns using web services. When I go to individual column i see the new default value. However, from "Column default value settings" the default values are old. Why is that?

Please shed some light if possible. Thanks

caveat: If I create a brand new document library based on a existing list template then the above method works.

I opened sharepoint manager and all the new default values shows for the list fields. why then "column default value settings" show different and new item are assigned the old default values.