Looks like a Tingle pistol.
Don't know for sure, but I would imagine it to be an item from early days at Friendship, strictly for target shooting. Best guess would be 1950's.
And then I Googled it and here is what I found. Pretty concise history of it.
Tingle Of Shellbyville Indiana manufactured a very different Target gun in the 1950-60s. These single shot Percussion pistol were a real leap ahead for competitve shooters 50 years ago. They were loved hated and banned and accepted by many clubs. They were in effect a single shot single action pistol. These guns were and are very accurate handguns. They can be taken down for cleaning with one screw. It seems after Mr. Tingle passed the patent was sold to Arma San Marco or one of the off shore companies. The orginal Tingles were .40 Cal. as I recall.
Nothing really "traditional" about them, but they are an interesting little tiny bit of competitive history from 50 - 60 years ago.