This original event which happened in Cappadocia of Caesarea in the last half of the fourth century, is very much alive in our Orthodox homes each year on January 1st.
According to tradition, special sweet bread (in some areas of Greece, it takes the form of a cake) is prepared both in the Orthodox homes and in the Church community which is called Vasilopita. Sweets are added to the bread which symbolize the sweetness and joy of life everlasting. It also symbolizes the hope that the New Year will be filled with the sweetness of life, liberty, health, and happiness for all who participate in the Vasilopita Observance. When the Vasilopita is prepared, a coin is usally added to the ingredients. When the bread is cut and the observance begins, the individual who receives that portion of the Pita which contains the coin is considered blessed.
This tradition adds joy to the celebration at the beginning of the New Year, which everyone hopes will bring joy to all. Many Orthodox Christians enjoy the Vasilopita at home with their loved ones during the New Year celebration. The head of the family cuts the pieces of pita for all members of the family. Since Saint Basil loved the poor people, a special piece is cut for the unfortunate of the world, which symbolizes our concern for the poverty-striken people of all nations.