There was an interesting article in the June 29 edition of the Birmingham News. A coral snake was captured and released in Coosa County, Alabama. They are rare in coastal Alabama and very rarely have been sighted this far north.
Coral snakes have the most toxic venom of any snake in North America. However, they are less likely to strike than pit vipers like rattlesnakes, copperheads, and water moccasins.
The saying is "red, then yellow, kill a fellow; red, then black, you're OK, Jack." I think I'd second guess myself with the rhyme. I'd just take a picture from a distance.
Here's a blog account of the story: