"non-franchised" type tokens were simply store "script" used by the local merchants as a way to attract business, and their circulation may be very limited. Very limited may make them quite valuable. But it also makes them difficult to learn much about.
As for your G.B. smith of Los Banos.......George B. Smith was born in Warren, Warren County, Pa., on April 21, 1872, the son of Cyrus and Sarah (Spaulding) Smith, natives of New York and Pennsylvania, respectively. The Smith family came to California in 1877, the father following ranching near Galt, in Sacramento County, and later near Lodi, in San Joaquin County. George B. was educated in the public schools of Galt and in the Woodbridge Academy, after which he worked out on ranches, in time becoming a manager, which position he filled with several ranch owners. In the spring of 1890 he came down into Merced County and engaged in farming on the plains about fifteens miles south of Los Banos; then for a time he was in the liquor business in the town, selling out upon the enforcement of the prohibition proclamation issued by President Wilson. G.B. Smith also served as supervisor from District Five.
If I had to guess, I'd say your token was good for 10 cents in trade at his establishment in Los Banos.
HH Randy