"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 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.
masc. proper name, from German (the French form is Aubert), from Old High German Adalbert, cognate of Old English Æþelbeorht "Noble-bright" (which was sometimes metathesized as Æþelbriht, hence the surname Albright). Second element is from Proto-Germanic berhta- "bright," from PIE *bhereg- "to shine; bright, white" (see bright). It also figures in the names Egbert, Gilbert, Herbert, Hubert, Lambert. As a kind of watch chain, from 1861 (see Prince Albert).