Image Module GD1 crashing on imagetruecolor() function.

PHP Test reveals I have GD 1.6.2 or higher installed on my system...

When I add an image and hit preview, I get a "Fatal error: Call to undefined function: imagecreatetruecolor() in /tmp/disk/home/caseytitle/Files/WWW/modules/image/image.inc on line 492"

I have tested the system, and it is not showing imagetruecolor as a valid function. i.e.

if (function_exists("imageCreateTrueColor")) {
      echo "Create True Color Exists";
  }
  else if (function_exists("imageCreate")) {
   		echo "GD1 Only";
  }

returns GD1 Only. So why is image.inc trying to use ImagecreateTrueColor?