Princeton in fact was known by another name, which is still in use, informally -- "Old Nassau", after "Nassau Hall", the first building on the campus (still in use). The "Nassau" here refers to William, ruler of Orange-Nassau, who becomes King of England in the Glorious Revolution of 1688. The University had been variously referred to as “Nassau,” “Nassau Hall,” “Princeton College” and “Old North.”

Princeton's colors -- Orange and Black-- are a reference to that heritage, and the lachrymose song "Old Nassau", the awkward tune famously punctuated with a dubious bent arm salute is what's sung at alumni gatherings.

"The College of New Jersey", by contrast, is a pretty prosaic and uninspiring name and had never been particularly popular. As with University of Pennsylvania and Pennsylvania State, there was a certain ambiguity between "Rutgers, The State University of New Jersey" and "The College of New Jersey" which didn't really serve either institution's brand.

The rebranding took place for the sesquicentennial celebrations in 1896 and by contemporary accounts had some misgivings, but was generally popular.

The debate over the name change arose again in November 1892 when the special committee of the faculty appointed to plan the Sesquicentennial Celebration proposed renaming the College of New Jersey as “Princeton University” as the climax of the celebration. As before, the proposal received a mixed response, but ultimately, the Trustees agreed to the change on February 13, 1896. The following October 22, before an excited, capacity crowd in Alexander Hall, President Francis L. Patton proclaimed, “It is with my pleasure, for expression of which I have no equivalent in words, to say that the wishes of the alumni in this respect have at last finally been realized; to say that the faculty, trustees, and alumni stand together, and, as with the voice of one man, give their hearty approval. . . . It is my great pleasure to say that from this moment what heretofore for one hundred and fifty years has been known as the College of New Jersey shall in all future time be known as Princeton University.”