I'll do my best, but my best German is probably still quite defective.
For little tiny German towns, sometimes the
German Wikipedia page is more informative than the English one.

In this case, you can see the picture of the Stadtkirche, "city church", which bears a strong resemblance to the building on the note.
As for the translations: the front will be declarations of validity: I believe it says: Issued on 6th February 1922, valid for use throughout the city until the 28th of February, when you need to exchange them at the council office.
The little poem on the back translates roughly to:
Till now, Penig has not joined
the strike that has brought ruin.
But now we too are out of ready cash,
Therefore we're issuing Notgeld.It rhymes better in German, but you probably get the drift.

Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis