The urban legend goes that Queen Victoria invented the Prince albert piercing when she insisted that her husband and consort "Prince Albert" figure out a way to hold his inmense cock out of the way while wearing trousers, apparently the cock snaked down to his his thigh. The rest is surgical steel and guts. (PA) is one of the common forms of male genital piercing. The PA pierces the penis from the outside of the frenulum and into the urethra. There is also the "reverse Prince Albert piercing" which enters through the urethra and exits through a hole pierced in the top of the glans.
While some piercers may choose to avoid the nerve bundle that runs along the center of the frenulum altogether, others do not. The piercing may be centered if the bearer is circumcised. Otherwise, the piercing will be done to the side because the skin in the area needs to be able to reposition itself dynamically.
The PA heals more quickly than many other piercings, as the area is highly vascular, and the tissue being pierced is relatively elastic. One rather upsetting, but harmless, consequence of a fresh PA is the tendency for them to bleed for no reason during the first 2-3 days. It does not take a lot of blood to be of concern to the individual with a new PA and they can occasionally appear to bleed a great deal. Knowledge that this is normal with a new PA will lessen anxiety.
Some men find that the dribble caused by the PA when urinating necessitates sitting down to urinate. This is not caused by the hole made during piercing, but rather by urine traveling along the surface of the jewelry by surface tension. At other times, if a ring is worn that is too narrow (this can happen if the wearer down-sizes from a lower gauge jewelry to a higher), or if no ring is worn at all, an additional stream of urine may come from the hole in the frenulum. This effect may be exaggerated by different sizes and styles of jewelry. This is usually a problem only when using urinals. It can often be mitigated by either twisting the penis so that the hole is above the flow from gravity, or by holding the finger or captive bead against the hole, effectively sealing it off.
PA wearers usually report no negative effect on sexual function, and most say it enhances sexual pleasure for both partners, though some women report discomfort. PA rings can cause pain to the female in cases where the penis is long enough to impact the cervix; however, where smooth rings are used this is less of a problem. PA rings rarely interfere with safe condom use. As with many piercings, there is small risk of the jewelry becoming caught on clothing, etc. and being pulled or torn out, but this usually only a concern with small gauge rings.
The Prince Albert piercing may have been practiced in European culture for some time, and while there are many tentative theories as to its origin, the true origin of this piercing is unknown. Many of the theories regarding this piercing's history suggest that the piercing was used to secure the penis in some manner, rather than having a sexual or cultural purpose. In modern times the Prince Albert piercing was developed by Jim Ward in the early 1970s. In West Hollywood (a gay village of Los Angeles), Ward met Doug Malloy and Fakir Musafar. Together these men further developed the Prince Albert piercing. Perhaps more fatefully, Malloy published a pamphlet, Body & Genital Piercing in Brief, in which he concocted fanciful histories of genital piercings in particular. These ersatz tales — which included the notion that Prince Albert invented the piercing that shares his name in order to tame the appearance of his large penis in tight trousers — are widely circulated as urban legend. No historical proof of their veracity has been located independent of Malloy's assertions.
Like many other male genital piercings, it has a history of practice in gay culture in the twentieth century and became known outside that culture at the same time that body piercing began to emerge in popular culture in the late 1970s. The relatively easy procedure, rapid healing and claims of additional sexual stimulation (both to the wearer and his partner in sexual intercourse) attributed to this piercing have come to make the Prince Albert the most common male genital piercing.
(info courtesy of ashton cruz)