Saint Basil's name is associated with the Greek New Year's Eve and New Year's Day cake called vasilopita.
The name vasilopita combines pita, meaning pie or cake, with Vasilios, the Greek form of Basil. Families traditionally cut the cake at the New Year and hide a coin inside it. The person who receives the slice containing the coin is believed to have good luck for the coming year.
The tradition is linked to Saint Basil the Great, a fourth-century bishop of Caesarea. A popular story says that he sought to return valuables to citizens after a crisis and that the items were baked into loaves, with each person unexpectedly receiving the correct object. Historical and regional versions of the story vary, but the association explains the cake's name and charitable symbolism.
Vasilopita recipes differ across Greece and the Greek diaspora. Some are sweet cakes, while others resemble enriched breads. The saint is not Saint Nicholas, whose feast and gift-giving traditions are associated with a different date and cultural cycle.