There are several variations of the cocktail, but what they usually have in common is champagne, angostura bitters, sugar (or simple syrup), either rye whiskey or cognac, and a liqueur.
The cocktail consisted of "a little rye whisky, crushed ice, a small square of pineapple, a dash of Angostura bitters, a piece of lemon peel, a few drops of Maraschino, a little champagne, and powdered sugar to taste.
"[1] The ingredients for a Prince of Wales are:[2] The drink is prepared by stirring sugar and bitters, adding whiskey and liqueur, then pineapple.
[1][2] Some recipes use cognac or brandy instead of rye whiskey, Bénédictine or other liqueur in lieu of Maraschino, and orange in the place of pineapple.
[3][4][5] Meyer says that the cocktail is "a marvelous drink with the spicy rye ... and the sweet Maraschino and pineapple playing off each other and the bubbly tying it all together.