Nice find - it appears to be a hammer coral, which is a type of Euphyllia. I can't really see the skeleton, but at first glance, it looks more like a "wall" than "branching" form, which makes it more difficult to propagate (you essentially wait until it grows big enough and then cut the coral and its skeleton into several pieces). If it's the branching type, then all you have to do is wait for several branches to grow and then trim the seperate branches off to propagate the coral, which is much less risky than cutting up the wall type.