From my book "Healing Crystals & Gemstones" (authors Peschek-Bohmer & Schriber) this is what it says about Coral.
"Healing Properties: Protects against negative energy while preventing loss of energy. This is why coral jewelry is recommended for menopausal women. It can prevent osteoporosis and promotes healthy bone fomation in children. Growth & formation of new tissue ...are also promoted. Psychologically, it strengthens love and the need for partnership and makes the wearer immune to envy & resentment.
Magical Properties: Symbolizes joy & happiness. Enales wearer to enjoy life. According to legend, it consists of divine blood."
A side note says coral is not a mineral but the skeleton of sea creatures, thus it is organic in origin. This is probably why you don't really see much about "fossilised" coral, because eseentially, it all is.
To cleanse it, leave overnight in salt water once/month or place dry in sea salt.
If it is coral and not a crystal, it sounds like a lovely and very appropriate gift!
Hope that helps.