About Ledger Create a new wallet, where did the old wallet go?

I recreated a new wallet with Ledger hardware. The current payment address is different from the previous payment address. After the sync is complete, does the new address have the balance of the previous address? When I restore my old wallet, the mnemonic is incorrect. Has the previous mnemonic been replaced by the mnemonic of the new wallet?

submitted by /u/Sacrosanct1988
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