The word Vasilopita is compound by the Greek word for bread and the name Basil, sweet bread of Basil, being dedicated to Saint Basil, the first person in human history to establish an orphanage for little children. He also founded the first Christian hospital in the world.

The Vasilopita commemorates a miracle peformed by St. Basil while serving as a bishop. The legend varies as to how St. Basil became the guardian of the gold, silver, and jewelry of the people of Caesarea. Some say thieves had taken the valuables from the village and they were then recovered. Others say it was a tax the government asked St. Basil to collect, but then decided to cancel.

In either case, St. Basil became responsible for returning the riches to the people. However, they could not agree on the rightful owners. St. Basil suggested that the women bake the valuable inside a large pita. When he cut the pita, each owner miraculously received the right valuables.

On New Year's Day, families cut the Vasilopita to bless the house and bring good luck for the new year. A piece of bread is sliced for each member of the family and any visitors present at the time, in order of age. Customs vary by household, but pieces are also sliced for the Church, the House and the poor.

A single coin is baked inside each loaf to honor this miracle, and the recipient has good luck for the coming year.

The Ladies of the Philoptochos Society auctions Vasilopita made by volunteered parishioners at the New Year as one of their many fundraising activies.