{!1123}(j:~)$ ls /some/long/and/hard/to/type/path

{!1}(j:~)$ ls /first/path
...
{!498}(j:~)$ ls /some/path
{!499}(j:~)$ ls /some/other/path
#at some target number, history number resets
{!1}(j:~)$ ls /new/path
#but remembers the old commands til they're overwritten
{!2}(j:~)$ !498
ls /some/path
#and keeps incrementing and overwriting the oldest commands
{!3}(j:~)$ !1
ls /new/path