In _A Pictorial Key to the Tarot_, Waite writes: "A young man, leaning on his staff, looks intently to a clump of greenery on his right; one would say that there were his treasures and that his heart was there." However, the R-W 7 of Pentacles card image is wonderfully ambiguous and so it is capable of many interpretations. Some tarotists are of the view that (though Waite tried hard not to break his oath of secrecy with the Golden Dawn, of which he was previously a member) the RWS deck is a Golden Dawn inspired deck (though subject to other influences such as Etteilla meanings and cartomancy meanings). In Golden Dawn tarot curriculum, the card name is the Lord of Success Unfulfilled. The writeup in the Golden Dawn's manuscript "Book T" on the 7 of Pentacles includes the following (which, to my eyes, could fit the R-W card imagery):
Promises of success unfulfilled. (Shewn, as it were, by the fact that the rosebuds do not come to anything.) Loss of apparently promising fortune. Hopes deceived and crushed. Disappointment, misery, slavery, necessity and baseness. A cultivator of land, and yet a loser thereby. Sometimes it denotes slight and isolated gains with no fruits resulting therefrom, and of no further account, though seeming to promise well.
Crowley's Thoth deck, also a Golden Dawn based deck (in great part), assigns the keyword "Failure" to the corresponding card in the Thoth deck (7 of Disks). In "Book of Thoth", on the 7 of Disks, Crowley writes: "On the background, which represents vegation and cultivation, everything is spoiled." This contrasts to the Thoth deck's 8 of Disks, which shows a tree in bloom.
However, as mentioned above, the R-W 7 of Pentacles card image is wonderfully ambiguous and so it is capable of many interpretations.