Coral represents diplomacy and concurrence.  It is also said to quiet the emotions and to bring peace within. 
It facilitates intuition, imagination, and visualization, and helps one to both understand and to use the qualities of the mystic. 
In addition, Red Coral helps one to become in harmony with the natural forces of the universe and with the wilderness within ones own being. 
It provides for practicality with respect to ones avocation, balancing the material with the spiritual.  It both opens and activates the base chakra, stimulating the energetic pursuit of predetermined goals.
It is also said to protect one from depression and despondency.
It has been used to treat hiccups, colic, and heartburn.  It is also used to stimulate the metabolic processes and to provide for release of impurities from the muscular system.