Green’s Dictionary of Slang

Prince Albert n.

also Albert, PA
[? Victoria’s consort, Prince Albert (1819–61), was pierced]

a body piercing performed on the penis, usu. a small bolt through the glans.

[UK]Indep. 21 June 16: A Prince Albert is an item of jewellery I’d rather not talk about.
[UK]Indep. Rev. 19: Those who (if given a bicycle) would immediately disassemble it to create four novelty steel sex toys and a Prince Albert from the chain.
[SA]K. Cage Gayle 53/1: Albert n. (abbr.) (Prince Albert) piercing of the glans of the penis with a metal ring. [Ibid.] 87/1: PA n. a Prince Albert piercing through the urethra of the penis.
[UK]Observer 6 Nov. 3: According to various gay chatsites [...] he – allegedly – has a ‘Prince Albert’.