SPO List Version History Only Showing Previous Two Versions

Visitor

I am  running into an issue where my List Version History is only showing my last two updates.  All previous version history is gone.  In addition, I have a column set to append changes and I am seeing the same issue, where only the last two updates are visible. 

 

Here are my version settings.

 

SPO Version Settings.PNG

 

Here are my field settings:

 

SPO Field Settings.PNG

 

Here are screenshots after I made a third update and add something to the Notes field.  Notice Verison 1 is missing in Verison History as well as in the appended Notes detail.

 

SPO Test 1.PNG

 

SPO Test 2.PNG

Thoughts?  

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