SIR = Supplemental Inflatable Restraint.

The coil is a clockspring of flex wire that connects the airbag and steering controls to the car, and allows the wheel to spin. If you move it, it could likely be damaged after assembly when you turn the wheel. Worst case scenario, the airbag goes off in your face. Best case, you lose your horn, wheel buttons and airbag, which will require you to replace the coil assembly. It looks like an old 8mm film reel. (The old blue & white ones.)