SPO List Version History Only Showing Previous Two Versions


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


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