Question

What did the oldest coin tell him? Did he follow his advice? If not, why not?

Answer 1

The oldest coin told him that they were trying to tell him something for his own good. If he would spend the coins that day, he would still get the scholarship money the next day.
He did not take their advice because he was not a common sort of boy to be swept away so easily. In fact he was one of the promising students who won a scholarship every month. He even came from a well-to-do family, so it wasn't right to stand there in the middle of the bazaar and eat jalebis.