It could be seen on a rack in the Clothes Shop once moused over. This was unusual because the Friendship Bracelet has never been purchasable from the Clothes Shop.
Bambadee made the Friendship Bracelets, and always wore his own.
This item was placed in a similar manner to the Rockhopper's Key Pin (both were situated at the end of the book), as both books were written by Rockhopper.
There was a glitch when you walked out of the Book Room by doing several actions, there would be a giant Friendship Bracelet hovering in the air. However, it was fixed after the July 2008 server updates. This also worked for the Rockhopper's Key Pin.