Factual error: Lord Palmerston was not a young, fashionable, rakish man-about-town at this time. He was actually 64 when the series begins in 1848, eight years older than Lord John Russell, the Prime Minister, depicted as a much older man.
Factual error: The Mistress of the Robes throughout series 3 is the fictional Duchess of Monmouth. The real Mistress of the Robes at this time was the Duchess of Sutherland, who was in the first two series.
Answer: There seems to be some confusion here. The first son born to Queen Victoria and her husband, Prince Albert, was also named Albert (later known as King Edward VII), and was born in August 1844. Prince Albert, Sr.'s father, Ernest I of Germany, died the same year his grandson was born, but the timing of his death would have no bearing on when Albert Jr. was conceived and born. Prince Albert, Sr., Victoria's husband and Albert Jr.'s father, died in 1862. (Victoria's husband was always known as Prince Albert, never as "King Albert" which may explain the confusion.)