Expiration dates are usually arbitrary--canned food stays edible for years. It may lose some nutritional value, but it remains edible. Of course canned chilli is probably not a great nutritional choice to begin with, but that's another matter. (Canned chilli is notoriously high in salt, not to mentioned the processing of the meat and whatever other chemicals they use.)
The steamboat Bertrand was heavily laden with provisions when it set out on the Missouri River in 1865, destined for the gold mining camps in Fort Benton, Mont. The boat snagged and swamped under the weight, sinking to the bottom of the river. It was found a century later, under 30 feet of silt a little north of Omaha, Neb.
Among the canned food items retrieved from the Bertrand in 1968 were brandied peaches, oysters, plum tomatoes, honey, and mixed vegetables. In 1974, chemists at the National Food Processors Association (NFPA) analyzed the products for bacterial contamination and nutrient value. Although the food had lost its fresh smell and appearance, the NFPA chemists detected no microbial growth and determined that the foods were as safe to eat as they had been when canned more than 100 years earlier.
The nutrient values varied depending upon the product and nutrient. NFPA chemists Janet Dudek and Edgar Elkins report that significant amounts of vitamins C and A were lost. But protein levels remained high, and all calcium values "were comparable to today's products."
NFPA chemists also analyzed a 40-year-old can of corn found in the basement of a home in California. Again, the canning process had kept the corn safe from contaminants and from much nutrient loss. In addition, Dudek says, the kernels looked and smelled like recently canned corn.
The canning process is a product of the Napoleonic wars. Malnutrition was rampant among the 18th century French armed forces. As Napoleon prepared for his Russian campaign, he searched for a new and better means of preserving food for his troops and offered a prize of 12,000 francs to anyone who could find one. Nicolas Appert, a Parisian candy maker, was awarded the prize in 1809.
From: The Canning Process: Old Preservation Technique Goes Modern
by Dale Blumentha in FDA Consumer magazine, Sept 1990