The Collaborative International Dictionary of English v.0.48:
Moldy \Mold"y\, Mouldy \Mould"y\, a. [Compar. Moldieror Mouldier; superl. Moldiest or Mouldiest.] [From Mold the growth of fungi.] Overgrown with, or containing, mold; smelling of mold; as, moldy cheese or bread. [1913 Webster]WordNet (r) 3.0 (2006):
moldy adj 1: covered with or smelling of mold; "moldy bread"; "a moldy (or musty) odor" [syn: moldy, mouldy, musty]