I had something very similar. [give-away prizes at a fair from a bank's booth]
It was a necklace with a clear plastic pendant with a logo. The pendant had a small LED connected to it. The rope part were wires that one end had the batteries and a magnet. The other end had another magnet. When you put the two magnets together, it completed the circuit and voila! ... a Lit-up pendant, logo and all!
It was pretty nifty. Unfortunately, I no longer have them. I gave them to my nephews on the fourth of July as it got dark. You should've seen their faces! [They lit up, pun actually intended!]
Yours look very similar to them. Except mine didn't have the orange wires or switch. Yours seems to have the pendant part missing.
Not sure if it would be worth $5, but well work the tinkering experience.