The slipped waistcoat.

If you look carefully at this close up of the Prince

Charles you will clearly see what looks like a second waistcoat
underneath it peaking out from under it:

This is known as a slipped waistcoat. The slip is a piece of cloth that is

attached underneath, at the top of waistcoat. It is thought to be remnant
of the Regency era practice of wearing an underwaistcoat beneath the
waistcoat.