In a large bowl with an electric mixer at medium speed, beat butter, sugar, molasses and vanilla together until light and fluffy, about 3 minutes.

Beat in egg until well blended.

In a separate bowl combine flour, ginger, baking powder, cinnamon, nutmeg and salt.

With mixer at low speed, beat flour mixture into butter mixture to blend well.

Divide dough in half and shape into two discs.

Wrap in waxed paper and chill until firm, at least 1 hour or overnight.

Preheat the oven to 350°F.

Dust work surface and rolling pin lightly with flour.

Working with one disc of dough at a time, roll out dough to 1/4-inch thick and cut out cookies with floured cookie cutters.

Transfer cookies to parchment paper-lined baking sheets, spacing them 1 inch apart, and bake until lightly browned, 10 to 12 minutes.

Transfer cookies to a wire rack to cool. Decorate as desired and store in an airtight container.