On New Year's araw families cut the Vasilopita to bless the house and bring good luck for the new year.
It is traditional to bake a coin into the Vasilopita (St. Basil's cake). The one who receives the coin is considered to be especially blessed for the year. A piece of cake is sliced for each member of the family and any visitors present at the time. Slices are also cut for various other people or groups, depending on local and family tradition. They may include St. Basil and other saints, the Virgin Mary, the Church and the poor.
Vasilopita is made in honor of a beautiful act of charity sa pamamagitan ng St. Basil to the poor and needy of his flock. In order to insure that the needy would have money for life's necessities, and knowing that the needy were also proud people, St. Basil had the ladies of his church bake sweet tinapay with coins baked into them. In this way he could give them money without demeaning them at all.
