Vasilopita is a Greek New Year's cake with a coin or a trinket baked inside of it. The cake is enriched with a sweet flavoring, symbolizing the sweetness and joy of life and hope that the New Year will be abundant in health and happiness. Traditionally, the cake is cut by a senior member of the family, and whoever receives the piece with a coin inside is thought to be blessed in the following year.

Each piece is cut in honor of someone or something: the first piece for Jesus Christ, the second for Virgin Mary, and the third for St. Basil, since the cake is named after him. It is believed that St. Basil wanted to give money to the poor, and in order for it not to look like charity, he asked a woman to bake a bread in which he placed several gold coins, so the poor families were pleasantly surprised when they found coins inside the bread.

Today, there are numerous versions of the cake that are also prepared in Albania, Bulgaria, Serbia, and Romania, each one with a coin inside, but unassociated with St. Basil.