Pour water into a large pot over medium heat. Add honey, cinnamon sticks, allspice, nutmeg, and coriander. Stir until honey is dissolved.
Push 2 cloves into the skin of each orange wedge. Add to the pot. Pour in red wine. Increase heat and simmer gently, about 45 minutes. Make sure mixture does not boil.
Discard orange wedges and cinnamon sticks. Divide mulled wine among coffee mugs and serve hot.