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The old man offered the speaker a lot of money. However, he turned it down becausehe realised that money cannot give him what he actually desires. He had not till then realised that what he actually desired was happiness. When the old man was counting the gold coins, the speaker realised that once the money was finished or the work the old man wanted to hire him for was done, he would again be out of work. More than that, he would be bound in this bargain. It did not satisfy him and therefore, he turned it down.

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The offer of the old man did not seem attractive to the speaker therefore he turned it down. Even he was not happy with it.
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