Albert

"member of a noble family," Old English æðling, from æðel "noble family, race, ancestry; nobility, honor," related to Old English æðele "noble," from Proto-Germanic *athala- (source also of Old Frisian edila "(great-)grandfather," Old Saxon athali "noble descent, property," Old High German adal "noble family"), which is perhaps from PIE *at-al- "race, family," from *at(i)- "over, beyond, super" + *al- "to nourish." With suffix -ing "belonging to." A common Germanic word, cognates include Old Saxon ediling, Old Frisian etheling, Old High German adaling.

"piercing that consists of a ring which goes through the urethra and out behind the glans," mid-20c., supposedly so-called from the modern legend that Albert of Saxe-Coburg-Gotha (1819-1861), prince consort of Queen Victoria, had one.

But the term seems to be not older than bodyart maven Doug Malloy and his circle, and the stories about the prince may be fantastical inventions, perhaps to explain the term. Perhaps, too, there is some connection with Albert underworld/pawnshop slang for "gold watch-chain" (1861), which probably is from the common portraits of the prince in which he is shown with a conspicuous gold watch chain. Many fashions in male dress made popular by him bore his name late 19c.