Greek New Year’s Cake: Rich & Buttery with a Hidden Treasure

Greek Vasilopita New Year's Cake
Greek Vasilopita New Year’s Cake

New Year’s Day is probably the only day of the year that every country and culture celebrates. Granted, some countries and cultures use a different calendar. Regardless of the actual day, there are so many different traditions for bringing in the New Year. In fact, even in the same country, people celebrate in different ways. This New Year’s (January 1st ), I want to highlight one of the Greek traditions focusing on the Greek Vasilopita New Year’s Cake. This family celebration and cake honor Saint Basil. The fun, family event of cutting into the cake to find the hidden treasure makes for an exciting event and a joyous act for bringing in the New Year.

“Vasilopita” Meaning

Traditionally, many Greeks bring in the New Year eating a “Vasilopita” which means “Saint Basil’s Bread”. This cake or bread, depending on the region of Greece, is eaten on the day of Saint Basil’s death, January 1st (379 A.D.). Every January 1st, Greek families honor Saint Basil by cutting into a special “pita” (meaning bread, cake, or pie) that contains a hidden coin to represent luck for the new year.

What Does this New Year’s Cake Taste Like?

The Vasilopita cake (whether a cake or bread) is relatively dense. The best way I know to describe this cake is that it’s a cross between a bread and cake. It’s doesn’t have that typical glutinous stretch as bread, but it’s also not as light as cake. The cake resembles a buttery, sweet, egg-y pound cake with orange and nutmeg nuances. It can be eaten for breakfast, dessert, or snack. The only topping is powdered sugar and maybe some sugared cranberries for color.

Why a New Year’s Cake?

The sweetness in the cake or bread symbolizes hope for the coming year to be filled with life, liberty, health, and happiness for all who participate in the Vasilopita Observance. The most important part of Vasilopita is the lucky coin baked in the cake. The lucky person to receive the slice with the coin is thought to have 1 year of good luck and blessings. Ultimately, the cake serves as a reminder of what Saint Basil did for Greece and the early Greek Orthodox Church.

The Legend of the Hidden Treasure

There are several legends that describe the history behind this cake. One of them suggests that Saint Basil, who was a bishop, wanted to distribute money to the poor in the churches his served. To preserve their dignity, he cleverly devised a plan so no one would feel pitied. He sought the assistance of local women to bake sweetened bread. He gave them gold coins to place in each loaf prior to baking. Then, each family received a loaf. As the families cut into the bread, they were pleasantly surprised to find the coins.

What Kind of Coin Should You Use?

Gold coins are traditional
Gold coins are traditional

Traditionally, the Greeks use (used) a gold coin. However, these days, silver is not uncommon. Greece uses the Euro as its monetary currency. If you happen to have some euros, use one of those. If not, use whatever you have. I have euros from my travels, so that is what I bake into my cake. The “gold” euro coin baked in the cake should be small. If you live in a country where euros cannot be spent, like in the United States, then it makes a great little keepsake. I like to use the 10-cent euro coin (which is about 15 cents in the US) because it’s small. It will sink to the bottom, but that’s OK if you want to keep track of where it is because you can see it when the cake is flipped over after it cools.

My Version of the Greek Vasilopita (New Year’s Cake)

When I discovered the Greek Vasilopita cake, I was first intrigued by the similarities between that cake and an American pound cake. What made it appealing to me was the holiday flavorings of orange and nutmeg. In addition, I loved the story of Saint Basil and the hidden coin. Other countries like France and Spain have a similar version (with a hidden object) for Epiphany. In fact, I’ll be sharing my Spanish King Cake recipe in my next post. Stay tuned for that!

Thank you Greece for the Inspiration!

In honor of our Greek friends and one of their traditions, I want to share my version of the Greek Vasilopita cake instead of a bread; either one is traditional. In addition, I have a handout below providing the history and rules for cutting and serving the cake along with finding the coin.

Greek Vasilopita New Year’s Cake Making & Baking Process

Greek Vasilopita New Year’s Cake Ingredients

The ingredients for this cake are pretty standard for a cake. However, you’ll find a little bit of technique involved with beating the egg whites separately to provide some lightness to the batter. All of the ingredients include: all-purpose flour, baking powder, salt, ground nutmeg, orange zest & juice, butter, granulated sugar, vanilla, milk, eggs, powdered sugar, and 1 coin (cleaned with soap and water, dried, and wrapped tightly in foil).

all-purpose flour, baking powder, salt, ground nutmeg, orange zest & juice, butter, granulated sugar, vanilla, milk, eggs, powdered sugar, and 1 coin
all-purpose flour, baking powder, salt, ground nutmeg, orange zest & juice, butter, granulated sugar, vanilla, milk, eggs, powdered sugar, and 1 coin

Preheat the Oven & Prepare the Pan

Since the batter comes together quickly, you can go ahead and preheat the oven to 350˚F (177˚C). Prepare the pan by greasing a 10-inch round cake pan (or springform pan) with butter or cooking spray. Place a round sheet of parchment paper (cut to fit the pan bottom) over the butter in the bottom of the pan and smooth it out to conform to the pan. If using a springform pan, add foil to encircle the outside bottom where the two sections meet to prevent batter from oozing out the bottom and burning. Then, set it aside.

TIP: Don’t be tempted to use a 9-inch cake pan as that size is a tad too small for this cake. If you don’t have a larger cake pan, pour most of the batter in the 9-inch pan and leave a little out (~1/2 cup, perhaps). You can bake the remaining batter separately in a tiny baking dish or muffin tin.

Grease pan and line with parchment paper
Grease pan and line with parchment paper

Sift the Flour & Whisk the Dry Ingredients

In a medium bowl, sift together 420g (3½ cups) flour. Then add 1½ teaspoon of baking powder, and ¼ teaspoon of salt. Add ½ teaspoon of nutmeg and 1 tablespoon of packed orange zest (1 whole navel orange). Whisk it all together and set it aside.

TIP: The sifted flour adds a little lightness to the relatively heavy cake batter.

Whisk all dry ingredients together
Whisk all dry ingredients together

Whip Butter, Sugar, & Add Other Wet Ingredients

In the bowl of a stand mixer, whip 8 ounces (2 sticks) of softened butter until smooth. Slowly pour in 400 grams (2 cups) of granulated sugar as the machine is running. Whip until smooth, pale, light, and fluffy. Start on low and increase the speed to medium. This could take a couple of minutes. Separate the 5 egg yolks from the 5 egg whites. Place the yolks in a small bowl and the whites in a larger bowl, large enough in which you can whip them into soft peaks. Turn the stand mixer on low and add 5 egg yolks, one at a time, mixing well between each addition. Add 1 teaspoon of vanilla and 2 tablespoons of orange juice (from ½ an orange). Mix well until combined.

TIPS: To quickly soften butter, dice it and place it in the microwave for 10-15 seconds. If you don’t have a stand mixer, you can whip the butter and wet ingredients in a large bowl with an electric hand mixer.

Add Dry Ingredients & Milk Alternately to the Wet Ingredients

With the stand mixer on low speed, alternate adding the flour mixture and 8 ounces of milk beginning and ending with the flour mixture until the ingredients are combined. Consider adding ½ cup of flour at a time using a ½-cup measuring cup to prevent a mess from flying flour. Add between ¼- ½ cup of milk at a time.

TIP: Alternating flour and milk allows time for the flour to absorb the milk. Beginning and ending with flour keeps the batter from being too wet.

Whip the Egg Whites to Soft Peaks & Fold Into the Batter

In a large bowl, use an electric mixer to whip the 5 egg whites until soft peaks. Gently fold egg whites into the cake batter until well combined. Fold by making a figure 8 with your spatula scraping the batter up into the egg whites. Refrain from stirring or the egg whites will deflate. The fluffy egg whites help to lighten the cake batter.

TIP: Be sure to scrape up the batter hanging out at the bottom of the bowl. It needs to be carefully folded into the egg whites. If not, you’ll end up with heavy batter in sections of your cake.

Pour Batter into Prepared Pan & Add the Coin

Pour the batter into the prepared pan. Push the wrapped coin into the cake batter. Use a spatula to smooth out the top.

TIP: Coins are dirty! I like to clean my coin with soap and water and then dry it. Then, wrap the coin in a small layer of aluminum foil to provide an added sanitary component. Whoever finds the coin in the cake will have to unwrap it, but that’s part of the fun because they won’t know what kind of coin they’re getting. 😊

New Year’s Cake Baking Time!

Bake the cake for 60-70 minutes or until a long toothpick or dry spaghetti stick inserted in the center comes out clean without any wet batter clinging to it.

Cake batter with coin inserted is ready to bake
Cake batter with coin inserted is ready to bake

New Year’s Cake is Baked!

Once the cake is baked, allow it to cool in the pan for 10 minutes. Then, remove it from the pan and let it cool completely on a wire rack.

TIP: You can take a knife and run it along the edge of the pan to loosen the cake before removing it from the pan. If using a standard cake pan, just turn it upside down on a cooling rack to release it. If using a springform pan like the picture below, just loosen the side buckle and lift the pan sides.

Time to Decorate!

Once the cake has completely cooled, cover the top well with a thick layer of powdered sugar (sifting it over the cake is preferred). For more decoration, you can add a pile of sugared cranberries near the edge or in the center.

TIP: If you want a “clean” plate without powdered sugar resting on it, place thin strips of wax paper under the cake edges prior to sifting on the powdered sugar. Then, remove the wax paper and VOILÀ! clean plate!

Close Up & Personal with a Slice

Check out the tall slice. There’s a pretty, thick layer of powdered sugar. You can see the tight crumb… lots of little air pockets. The cake has a nice, sturdy structure. Can you spot any orange zest and small dark specks of nutmeg? I can!

A Great Make-Ahead Cake

This is a GREAT make-ahead cake. You can make and bake this cake a day ahead of time and cover with powdered sugar after it cools completely or just before serving. The flavors are great the second day, particularly the orange and nutmeg.

How to Store this New Year’s Cake

This cake can be stored at room temperature for several days. Keep in mind that the longer it sits, the drier it will become. For longer storage, cut the cake into slices and place them in a freezer bag. Freeze the slices for up to a couple of months. To thaw, allow desired number of slices to sit on the counter for an hour or so and enjoy.

How to Cut & Serve the Greek Vasilopita New Year’s Cake Via Greek Tradition

Traditional Rules for Cutting & Serving the Vasilopita

A family member (usually the “head” or “server” of the household) makes 2 shallow cross cuts in the top of the cake in the shape of a cross. The cross is meant to bring luck and blessings to the home. Then, the cake is cut into enough slices to equal all family members and guests present. All people in the home line up from oldest to youngest. While taking a slice of cake, no one is allowed to look at the slice until everyone is given their piece. Then, the “head” or “server” gives his/her permission for everyone to check so see if they have the coin. Whoever has the coin is the “winner” and is thought to have good luck for the year. After the celebration of the “winner” of the coin, everyone enjoys their slice of cake.

TIP: If you only have a small number of people, you can cut small slices and serve. If no one finds the coin, then you can try again the next day. If you keep track of the coin, then you can ensure someone will find the coin that day, even without cutting into the whole cake. 😉

Handout of History & Directions for Cutting and Slicing the New Year’s Cake

If you intend to make and give this cake as a gift to family or friends, print out the following handout that explains the history of this cake. I also provide you with ALL the directions in detail on how to cut and divvy out the cake slices. In addition, there’s an optional, more religious, method and meaning for slicing the cake.

Greek Vasilopita New Year’s Cake Final Thoughts

This is a simple, fun cake that doesn’t take much effort, at least not much more than a regular homemade cake. I love that this cake has an interactive component to get your whole family involved in bringing in the new year. That component along with telling your kids the story behind Saint Basil and the meaning of the elements of the cake make for a fun beginning to the year.

Baker’s Perspective

When I created and made this recipe, I certainly had the American pound cake in mind. The ingredients are very much like those ratios with the lovely tasty addition of orange and nutmeg. The fruity aroma in mixing this cake filled the kitchen with the last reminder of holiday smells before moving on into the new year. There are a few steps more than a dump and mix cake (i.e. whipping the butter, sifting the flour, and beating egg whites to soft peaks). But these extra steps create a good texture needed for the hidden coin to stay hidden during the baking and slicing process while giving a lightness to a rather dense cake. It was fun keeping track of the coin, although that is not necessary, but you certainly can if you would like to give the coin to a particular person during the observance.

Taster’s Perspective

Scott very much enjoyed eating this cake. As for texture, he described it as a cross between a bread and a cake. As for flavor, he found it to be a good variation of a typical American pound cake with nice orange and nutmeg nuances. For him, this cake is a keeper. If you’re looking for a different take on a pound cake, give this one a try. I’m sure you’ll enjoy it.

For a visual of all the steps in making this cake along with adding the coin and how to cut and slice it, see my YouTube video “Greek Vasilopita New Year’s Cake: A Buttery Cake With Orange & Nutmeg Nuances“.

Greek New Year’s Cake: Rich & Buttery with a Hidden Treasure

Greeks bring in the New Year eating a “Vasilopita” which means “Saint Basil’s Bread”. The sweetness symbolizes hope for the coming year to be filled with life, liberty, health, and happiness. The most important part of Vasilopita is the lucky coin baked in the cake. The cake's texture and flavors are reminiscent of a rich, buttery pound cake with the added holiday flavors of orange and nutmeg. Cutting and serving this cake is a game for the whole family!
Prep Time30 minutes
Cook Time1 hour
Total Time1 hour 30 minutes
Course: Breakfast, Dessert, Snack
Cuisine: Greek
Keyword: Greek Vasilopita New Year’s Cake, holiday cake, cake with orange, pound cake
Servings: 10 slices
Author: Summer

Ingredients

  • 420 g (3½ cups) all-purpose flour
  • 1½7 tsp (7g) baking powder
  • ¼ tsp (1½ g) salt
  • ½ tsp (1g) ground nutmeg
  • 1 tbsp packed orange zest from 1 large navel orange
  • 8 oz (2 sticks/1 cup) butter room temperature
  • 400 g (2 cups) granulated sugar superfine/caster sugar is best
  • 1 tsp (4 ml) vanilla extract
  • 2 tbsp (25 ml) orange juice from the zested orange (~½ an orange)
  • 8 oz (1 cup) milk
  • 5 large eggs whites and yolks separated (room temperature)
  • 1 coin cleaned and wrapped tightly in foil
  • cup powdered sugar or enough to coat the top once baked and cooled

Instructions

  • Preheat the oven to 350˚F (177˚C). Prepare the pan by greasing a 10-inch round cake pan (or springform pan) with butter or cooking spray. Place a round sheet of parchment paper (cut to fit the pan bottom) over the butter in the bottom of the pan and smooth it down for conform to the pan. If using a springform pan, add foil to encircle the outside bottom where the two sections meet to prevent batter from oozing out the bottom. Set aside.
    TIP: Don't be tempted to use a 9-inch cake pan as that size is a tad too small for this cake. If you don't have a larger cake pan, pour most of the batter in the 9-inch pan and leave a little out (~1/2 cup, perhaps). You can bake the remaining batter separately in a tiny baking dish or muffin tin.
  • In a medium bowl, sift together flour, baking powder, and salt. Add nutmeg and orange zest and whisk together. Set aside.
  • In the bowl of a stand mixer, whip softened butter until smooth and slowly pour in sugar as machine is running. Whip until smooth, pale, light, and fluffy. Start on low and increase the speed to medium. This could take a couple of minutes. Reduce speed to low and add egg yolks, one at a time, mixing well between each addition. Add vanilla and orange juice mixing until combined.
    TIPS: To quickly soften butter, dice it and place it in the microwave for 10-15 seconds. If you don't have a stand mixer, you can whip the butter and wet ingredients in a large bowl with an electric hand mixer.
  • With the mixer on low speed, alternate adding flour mixture and milk beginning and ending with flour mixture until the ingredients are combined.
    TIP: Consider adding ½ cup of flour at a time using a ½-cup measuring cup to prevent a mess from flying flour. Add between ¼- ½ cup of milk at a time.
  • In a separate large bowl, use an electric mixer and whip egg whites until soft peaks.
    TIP: Soft peaks occur when you lift the beaters and the top of the trail left in the bowl curls over.
  • Gently fold egg whites into the cake batter until well combined.
    TIP: Be sure to scrape up the batter hanging out at the bottom of the bowl. It needs to be carefully folded into the egg whites. If not, you'll end up with heavy batter in sections of your cake.
  • Pour the batter into the prepared pan. Push the wrapped coin gently into the cake batter. Use a spatula to smooth out the top.
    TIP: The coin will sink as the cake bakes, so there's no need to press it in very far.
  • Bake the cake for 60-70 minutes or until a toothpick (or dry spaghetti stick) inserted in the center comes out clean. Allow the cake to cool in the pan for 10 minutes. Remove it from the pan and let it cool completely on a wire rack.
    TIP: When removing the cake from the pan, you may run a knife along the sides to help release any sticking.
  • Once completely cooled, sift powdered sugar over the top to completely cover the cake. Serve and enjoy!
    TIP: If you want a "clean" plate without powdered sugar resting on it, place thin strips of wax paper under the cake edges prior to sifting on the powdered sugar. Then, remove the wax paper.

Video

Notes

*You can make and bake this cake a day ahead of time and cover with powdered sugar after it cools completely or just before serving. The flavors are great the second day particularly the orange and nutmeg.
*This cake can be stored at room temperature for several days. Keep in mind that the longer it sits, the drier it will become. For longer storage, cut the cake into slices and place them in a freezer bag. Freeze the slices for up to a couple of months. To thaw, allow desired number of slices to sit on the counter for an hour or so and enjoy.

You might be interested in these other sweet treats.

French Pain d’Epices (Spice Bread)

Austrian Apple Strudel

Nutella Swirl Pumpkin Pie w/Gingersnap Cookie Crust

Italian Strawberry Tiramisu

Latin American Tres Leches Cake

Thanks for reading! If you enjoyed this post, please share it. Check out my YouTube Channel as well to see videos of kitchen tips, blog bakes, and dishes.

Published by Summer

Bonjour! As a teacher of French and English to international students, amateur baker, traveler (having studied and lived in France), life-long learner, and a cycling and hiking enthusiast, I believe I’ve found my next adventure. I have many years of experience in all of these areas as well as having moved and lived all over the country (US that is). I’m fortunate to have in my camp PhD level experts in the fields of nutrition, dietetics, exercise physiology, and sports nutrition whom I can lean on for advice and scientific-based knowledge. I’m excited to piece all of these elements together during my journey to provide honest and accurate information as well as my own potentially disastrous first-hand experiences, without edit, to demonstrate the reality of a new journey. Please join me in learning something new, in laughing at my faults, and in appreciating all of the perceived differences in the world.