The bottom piece is a German watchfob and was sold in the Eismeer/Lappland front area during WW 2. The back is an edelweiss flower which was the insignia of the Gebirgsjäger or Mountain Divisions. I'm told they are fairly common, but I've never owned one, and the value is in the 80-90$ area from what I can find. The upper part commemorates the Battle of Rovaniemi, in Finland in 1944 which completely leveled the town. That badge is Finnish, (but was worn by German troops as well) and I've found values as high as $150.... I'd expect yours to fetch far less due to the damaged enamel.
Having said all that, I wonder if it was assembled by a German vet, or a Finnish vet.... If your uncle got it Germany during the war I'd assume a German soldier who fought there assembled it as a souvenir. If I had it in my collection, and wanted to sell it, I'd be asking around $200 for it as the assembled piece tells a bigger story than the individual parts. It's a really cool item and the history behind it is pretty incredible.
EDIT... AARC posted a link to a retail price, I got my info from the Wehrmacht Awards forum, which is a collector community and prices given there are what collectors are willing to pay, not what sellers are asking. Also I'm not an appraiser, I collected German WW2 militaria for many years and I'm very well versed in the field.
