me and my friend = incorrect, substandard my friend and I = often used by people trying to be correct, but miss the point my friend and me = correct [put the other person first; "me" is object of preposition by
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Philipme and my friendLittle children will say "me and my friend", because they think of themselves first. When children grow up, they learn to put others first. That is learning to be polite with your friends.