John Mellencamp Reveals Sweet Origin Story of His Unique Family Birthday Present Tradition (Exclusive)

There are no surprises up John Mellencamp’s sleeve when it comes to family birthday presents!

After the rocker’s daughter Teddi Mellencamp Arroyave told PEOPLE earlier this month about her dad’s dedication to giving his kids and grandkids the same gift each year, Mellencamp revealed the tradition’s sweet origins.

Each year, the “Jack & Diane” singer, 73, doles out cash based on the age the birthday celebrant is turning; when his granddaughter Slate recently turned 12, she received $12.

Mellencamp tells PEOPLE that the tradition stretches all the way back to his own childhood.

“That started with my grandmother, who raised me, on my birthday when I was a kid in the ‘50s and ‘60s,” he says. “Every birthday, however old I was, that’s how much money she would give me in dollars. So I just kept it going.”

For his recent birthday, his daughter Justice, 39, gave him $73 — in all singles, of course. 

“Oh yeah. It has to be singles,” he says.

Arroyave, 43, confirmed to PEOPLE that there were no multipliers with age when it came to gifting her, Justice, sister Michelle, 53, and brothers Hud, 30, and Speck, 29.

“I got $43 this year,” she said. “I do it sometimes back to him, and now that he’s getting up there, it’s pretty pricey. He’s been doing it this way for so many years. I don't think he’s changing.”

Mellencamp’s legacy as a rock and roll legend was honored on Friday, Oct. 18, when he was honored with a life-size bronze sculpture of himself at Indiana University in Bloomington, where he lives.

His kids and girlfriend Kristin Kehrberg were in the crowd cheering him on as he performed an acoustic set at IU, from which he received an honorary doctorate in 2000.

An art exhibition of oil portraits and multimedia pieces, titled Crossroads: The Paintings of John Mellencamp, is also on display at the IU Sidney and Lois Eskenazi Museum of Art through Dec. 15.