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Hi! I’m not a pro but I love norse mythology. This looks like Mjölnir, the god Thor’s hammer, gifted by two dwarves ! It helps him to control the thunder, I believe!
As for the circle, it probably is Draupnir. A ring made by those two same dwarves, gifted to the god Odin. Every 8 or 9 days, it creates a new ring !