Prince Albert with Barbell
In Victorian times, this piercing was known as a 'dressing ring'. Prince Albert liked really, really tight trousers. He was so keen to eliminate any trace of a visible bulge that he had a ring put through the end of his penis so that a loop his tailor installed would button it down. Naturally, the aristocracy followed suit.
All we can say about that is: Times have changed. Nowadays, the Prince Albert is mainly used for the stimulation it provides, and we're happy to start them with a ring or a barbell!