Dates are stored with full year number, the error may occur when converting from char. In this case if not explicitly specified NLS_DATE_FORMAT parameter is used as a default format mask. For 2-digit year notation 'RR' and 'YY' formats are used. The first is evaluated as the year in current century while the second uses half-centuries:
SQL> alter session set nls_date_format='dd.mm.yyyy';
SQL> select to_date('01.01.49','dd.mm.rr') from dual;
TO_DATE('0
----------
01.01.2049
SQL> select to_date('01.01.49','dd.mm.yy') from dual;
TO_DATE('0
----------
01.01.2049
SQL> select to_date('01.01.50','dd.mm.rr') from dual;
TO_DATE('0
----------
01.01.1950
SQL> select to_date('01.01.50','dd.mm.yy') from dual;
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