New Year's cake (Basilopita)

New Year's cake or Saint Basil's cake is the symbol of the Greek New Year's meal. It is either a cake, pie or bread prepared almost all over Greece, although in various ways. A coin is inserted before baking, and whoever finds it in his/her slice is supposed to have good luck in the coming year. The "Basilopita" is cut by the head of the family and the first slice is for Christ, the second for the Virgin Mary, the third for Saint Basil (whose feast is on January 1st) and then follow the slices for the household and the members of the family.
 
1 1/2 cups Sitia Extra Virgin Olive Oil
2 cups sugar
6 eggs
1/2 teaspoon vanilla extract or 1/4 cup brandy
juice and zest of 2 medium oranges
1/2 cup milk
1 lb self-rising flour

Preheat oven to 350° F.

Beat the olive oil with sugar and continue with yolks, vanilla or brandy, orange zest, orange juice, milk, flour and finally the egg whites beaten stiff. Carefully combine and pour the mixture into an oiled baking tin. Do not forget to insert a coin.

Bake in the oven for about 1 hour without opening the oven door, at least for the first 40 minutes.