D&C 20
As the Church was organized -
"...Joseph Smith, Jun., who was called of God, and ordained an apostle of Jesus Christ, to be the first elder of this church;
3 And to Oliver Cowdery, who was also called of God, an apostle of Jesus Christ, to be the second elder of this church, and ordained under his hand..." (Doctrine and Covenants 20:2–3)
In my mind, "first elder of the Church" is in reference to priesthood presiding officer of the Church. The "elders" of the quorum of apostles are also considered elders and sit in numerical order.
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