Etymology

From albus ‎(“white”) + an ‎(“whether”) + āter ‎(“black”) + sit ‎(“he may be”) the present subjunctive third person singular of sum ‎(“I am”). Literally meaning "may he be white or black". Compare homō nūllīus colōris ‎(“a man of no color”).

Originally from the longer:

Albus an ater sit, nescio.

I don't know whether he is white or black.

or

Albus an ater sit, non curo.

I care not whether he is white or black.