The Friendship Bracelet is a free item on Club Penguin. To get it go to the Coffee Shop, then upstairs to the Book Room. Open the Bookshelf and look for the book titled “Rockhopper and the Stowaway”.
On the final page you will see the Friendship Bracelet. Click it and it’ll ask you if you want to add it to your inventory.
Congratulations! You now own the Friendship Bracelet.