The Pettibone Manufacturing Co. was a well-known producer of Lodge, Society, and School paraphernalia....
You are absolutely right, thanks for pointing me in the right direction. These are Knights Templar medals.
I've got one of these, too, somewhere. It should have a black ribbon.
Looking for WWII U.S. dog tags
This medal is a type of masonic order (I could be wrong). Like Obkrieger said, it should have a black ribbon that accompanies it.