Preheat the oven to 375°. In the bowl of a standing mixer fitted with the paddle, beat the lard with 1 1/2 cups of the sugar at medium speed until fluffy, about 2 minutes. Beat in the eggs and anise extract.
In a large bowl, whisk the flour with the baking powder and salt. Add the lard mixture and knead gently until a dough forms.
On a lightly floured surface, using a floured rolling pin, roll out half of the dough 1/4 inch thick. Using a 2-inch round cookie cutter, stamp out cookies as close together as possible. Working in batches, transfer them to ungreased baking sheets, spacing them 1/2 inch apart. Bake the cookies for 10 to 12 minutes, or until golden, rotating the baking sheets halfway through. Let the cookies cool slightly on the baking sheets.
In a large shallow bowl, mix the remaining 1 cup of sugar with the cinnamon. Dredge the warm cookies in the cinnamon sugar and transfer them to a rack to let cool completely. Repeat to make the remaining cookies.
The cookies can be stored in an airtight tin for up to 5 days.