Coral has been used in making jewelry for thousands of years. Unfortunately the global suppply of gem quality coral is diminishing as over harvesting and other factors have had detrimental effects on existing coral beds. This has led to an increased use in dyes to expand the availability of the most sought after colors. This is why antique coral cameo which hasn't been dyed will continue to increase in value.
Weldon R. (2003) 'The sea's vanishing gift'. Professional Jeweler Vol. 16, No. 8. Warm Regards Yvonne Hammouda-Eyre
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Antique Coral Cameo by: Alec Stromberg
This is Italian made classic style cameo carved in Coral, popular material of 19th century. It's usually English jewelers that acquired Cameos from Italy, framed them and then sell to a public.
This Cameo appears to be made in late 1800s, Here is a sample of Coral carving from my personal collection from the early 1800s.
Coral Cameos in general are not as valuable as hard stone cameos, but still value higher than sea shell cameos.