Consider:

https://en.wikipedia.org/w/index.php?title=Bill_Oddie&dir=prev&action=history

where the oldest edit currently showing is "16:44, 20 June 2004‎ Redcountess talk contribs‎ m 4,137 bytes −21,941‎ tweaking "

I know that I edited that in 2003 and my edit used to show in the history. Clicking on the "prev" link for that edit shows:

https://en.wikipedia.org/w/index.php?title=Bill_Oddie&diff=4183996&oldid=369320434

with a left-hand side having a date of 2001 and "(47 intermediate revisions by 23 users not shown)"

Another example; I created this article in 2003; but the history:

https://en.wikipedia.org/w/index.php?title=West_Midland_Bird_Club&dir=prev&action=history

shows a last edit of "12:17, 12 April 2007‎ Trident13 talk contribs‎ 2,675 bytes +2,675‎ →‎External links: Organisations based in"

The last "prev" link on the page shows:

https://en.wikipedia.org/w/index.php?title=West_Midland_Bird_Club&diff=122177755&oldid=1573973

with "47 intermediate revisions by 19 users not shown"

And again; I created this article also in 2003 yet:

https://en.wikipedia.org/w/index.php?title=Blithfield_Reservoir&dir=prev&action=history

ends in 2007

and the last prev link is:

https://en.wikipedia.org/w/index.php?title=Blithfield_Reservoir&diff=416792055&oldid=1574413

"47 intermediate revisions by 22 users not shown"

Note: in all cases "47 intermediate revisions".