The ammolite is tied with various myths and beliefs which add on to the mysterious appearance of this stone. For ancient Romans, Ammolite held significance in fortune-telling, with individuals placing it under their pillows to gain glimpses into the future. In the Middle Ages, it was known as Draconite due to its rainbow appearance reminiscent of a dragon's skin, leading people to believe that Ammonites were stolen fragments from the head or crown of dragons. Ancient Ethiopians revered Pyritized-Ammonite as sacred, reserving its use exclusively for priests, seers, and shamans.