What is special about the bracelet Peter carries?

The bracelet belonged to Peter's mom and she would let him play with it when he was a baby. The bracelet has the charm of a phoenix, which is a special bird that sets itself afire and rises from its own ashes. The phoenix builds a nest with its favorite things. The nest ignites and burns the bird's old body. Then a new bird rises up out of the old bird's ashes. Peter's mother loved that. She said that it meant that no matter how bad things got, we could always make ourselves new again.