It is a symbol of modesty, wisdom, happiness and immortality. It is commonly known to remedy spasms of intestines, sleeplessness, and bladder stones. Coral can reduce stress and fears and combats foolishness, nervousness, fear, depression, panic and nightmares. Red coral, or Corallium rubrum, is a branch-forming coral species found in the Mediterranean Sea and is the most valuable of all precious corals.