Preheat oven to 350 degrees. Spread 1 cup almonds on a baking sheet; toast until fragrant, about 12 minutes. Let cool.
Put toasted almonds, flour, salt, and cinnamon in a food processor; process until almonds are finely chopped, about 1 minute. Set aside.
In the bowl of a mixer fitted with the paddle, cream butter and 1 cup confectioners' sugar on medium until pale and fluffy, about 4 minutes. Add vanilla and almond extracts, and mix until combined. Add the almond mixture, and mix on low until dough just comes together.
Roll dough into twenty 1 1/2-inch balls; place on ungreased baking sheets, spaced 2 inches apart. Flatten each ball slightly with your palm.
Toss 1 tablespoon beaten egg white and remaining 40 whole almonds in a small bowl to coat. Press two almonds into each cookie.
Bake cookies until lightly browned around the edges, about 25 minutes. Transfer baking sheets to a wire rack; let stand until cool enough to handle.
Place remaining 1 1/4 cups confectioners' sugar in a medium bowl. Roll warm cookies in sugar, reserving any remaining sugar. Return cookies to baking sheets. Let cookies cool 15 minutes, and roll again.
Store in an airtight container up to 1 week.
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