Red Coral can be salvaged in both Endless Ocean games.
"Formed from the skeletons of deep sea coral polyps, red coral is valued for its rich color."
This is found throughout The Abyss, broken into four pieces. Like several other treasures in pieces, every piece must be obtained to make it a true treasure.
When the player returns to the boat after having collected all of the pieces of the coral, Katherine will say:
"Looks like you have all the pieces of red coral. Let's see if I can reassemble this thing."
After putting the Coral back together, Katherine will continue:
"Heh. Looks pretty boring, huh? But coral is actually an animal from phylum Cnidaria. When it dies, it leaves a hard frame behind. Those pile up on reefs and break up into beach sand. This is a kind of coral called jewel coral.
I bet some people would pay a lot of money for it. But that would be disgusting. We should donate it to a museum. I know one of the curators at the Pelago Natural History Museum. He'd probably keel over if we gave this to him... Let's do it!"'
In the footlocker aboard the Gabbiano, the Red Coral is given this description: "A piece of deep-sea crimson coral. The shape, size, color, and clarity are all top-notch."
When scanned using the Multisensor, they are shown to be made out of stone. They are worth three-hundred pelagos.