This item is a simple silver and brass chime that radiates a slight magical glow (insufficient to use as a light source). An identify spell will reveal all schools of magic are used in the creation of this item, conjuration, necromancy, and transmutation are the most significant.

Once the chime is struck a light fog will fill a 5 acre area and dissipate 10 rounds later reveling a small village has appeared.  This item will recharge at each full moon. 

The village will contain 2+ 2D6 buildings. 
A small house in poor repair and a large but sturdy empty barn (for 8 animals),  
The remaining are determined by a D12 roll (DM to roll)
1 - small tavern
2 - bower/fletcher
3 - blacksmith
4 - potter (ceramics)
5 - glass blower
6 - leather worker
7 - general store 
8 - carpenter 
9 - butcher
10 - baker
11 - an herbalist store
12 - weaver/tailor shop

For each shop or building in the village there will be apparently 4 spectral villagers about. 

Each village will have 1 well... the DM will roll a D6 - (or DM decides)
1-2 The well will have clean fresh water
3-4 the well will have foul water - Con save 12 or be poisoned for 24 hours if consumed
5-6 the well is dry  

These buildings appear in the 5 aces  of the area of effect and will incorporate any plants, wood, rock, or other materials to construct the shops, or simply create the components. Any living plants are unaffected , trees, bushes , shrubs remain where they are, but the buildings are placed about them as if placed intentionally.   All of the shops are standard sturdy 2 stories buildings, with the business on the first floor, and the "living" space on the second. 

All of the shops will be "manned" by spectral villagers who will go about their business as if in a actual village. The villagers are immune to all damage and spells (other than wish) and they can not cause harm. They will act and serve anyone in the town. They will only give 1 or 2 word answers, and can perform any functions as if they were their living counterparts.
If purchasing items or selling items, the costs will vary.
The DM rolls a D12
1 Any item purchased is at x2 book price /Any items sold or traded are worth 1/2 price 
2-3 Any item purchased is at x3 book price /Any items sold or traded are worth 1/3 price 
4-6 Any item purchased is at x4 book price  /Any items sold or traded are worth 1/4 price
5-9 Any item purchased is at x5 book price  /Any items sold or traded are worth 1/5 price
10 -11 Any item purchased is at x10 book price  /Any items sold or traded are worth 1/10 price
12 Any item purchased is at x20 book price  /Any items sold or traded are worth 1/20 price

Any non-magical /mundane item or service requested has a 50% chance of being available from the appropriate shop at the above costs, and only if appropriate in a small village. 

ie. asking the blacksmith for caltrops (if he has them 50%) would cost 2-20x book cost...
if he didn't have any you could ask him to make you some.... the blacksmith may say only 
"2 days"... "10 gold"
if you agree and pay him the price, in the timeframe stated, the items will be made. 
The spectral villagers will not haggle. 
Any items traded to or money paid to the villagers disappears into a pocket dimension.  

Any humanoid corpses or mostly intact humanoid skeletons in the area of effect (down to 20 ft below the surface) will also be animated by this spell. While the village exists the undead will be concealed by illusions (DC25 to see through) and will act as the villagers. However, these undead villagers, like the other villagers are immune to all attacks and spells (except wish), but will be 'more able' villagers... doing tasks in less time, making better products and being able to give a little more information. (up to 5 word answers) 
If able, the undead will first take the roles of the available villager slots... 4 per building. 
If there are more undead than the village had buildings, (to max 56) the undead will appear as visitors or patrons of the businesses
ie. There are 4 buildings but 20 undead created (because of an unknown mass grave underfoot) ... 16 would be the villagers, and 4 would act as customers of the shops, never actually leaving the village or buying anything. 

Once the village is dissolved after 1 week (or if the chime leaves the area), all undead present will become normal Skeletons and Zombies, and will immediately turn on any living being in the area, with specific focus on the one who rang the chime. As long as the ringer is within 20 miles of the undead, they will endlessly pursue them until either are destroyed.
If the one who rang the chime is killed by others, the undead become a normal uncontrolled undead hoard.
If the undead kill the ringer of the chime, the ringer becomes an normal undead ... and as do the rest (as above).
If they ringer of the chime gets 20 miles away form the undead hoard, they  will stop their pursuit and wander about attacking anything alive until destroyed.

if more the 56 bodies/skeletons are present... (ie. graveyard) then once rung the fog will form, but  no village will appear, the chime instantly turns to ash (destroyed) as all corpses and mostly complete humanoid skeletons rise to attack the ringer of the chime. The limit of this animation is 250 undead. As with above, as long as the ringer is within 20 miles of the undead, they will endlessly pursue them until either are destroyed.
If the one who rang the chime is killed by others, the undead become a normal uncontrolled undead hoard.
If the undead kill the ringer of the chime, the ringer becomes a normal undead ... and as do the rest (as above).
If they ringer of the chime gets 20 miles away form the undead hoard, they  will stop their pursuit and wander about attacking anything alive until destroyed.

The village will remain for 1 week or as long as the chime remains in the 5 acre area, at the end of the week or if the chime leaves the area the shops quickly begin to age and rot. Walls and the well will crumble, and buildings will collapse. Once the week is up or the chime is taken from the area, all undead under the protection of the village affect become normal undead and immediately seek out whoever rang the chime.
After an hour of the effects ending, only ruins, and assorted remnants will remain of the structures in the area, these will further weather, crumble  and rot normally, showing that a village had once been there, but seeming long ago. The chime may only be used 1x per full moon. 

Once the village is dissolved the DM will roll a D100 (or percentile dice) and multiply by 10... that is the number of years the traded items or coins paid for goods  will remain in the pocket dimension.
ie. a "56" = 560years. 
After the allotted time and on the full Harvest moon the pocket dimension will spill its contents in to the area where the village was... as if stashed in the hollow of an ancient tree, under a crumbling wall, … somewhere so it would seem like someone had hidden the loot long ago. 
If a building or town is present where the village was, a spectral villager will wander the town "like a ghost" looking for the most worthy or needy person and drop the loot at their feet before disappearing forever.