Bullionville got its start in 1870, when John H. Ely & W.H. Raymond relocated their five-stamp here from Hiko. Initially, it was known as Ely City, but the name changed within the year. Over the next two years, most of the mills built to treat ore from Pioche were located here due to the availability of water. In 1872, construction began on a narrow gauge railroad - the Pioche & Bullionville - to connect the towns and transport ore to the mills, a twenty-one mile trip.

By 1875, five mills with 110 stamps operated at Bullionville, and the population grew to 500. Several businesses including stores, hotels, saloons, and a blacksmith shop were in operation. Unfortunately, a waterworks was completed in Pioche that year, which provided adequate water for milling and Bullionville's necessity waned. By the end of the decade, the mills and railroad were dismantled, and the camp was abandoned. Some work was done on tailings in subsequent years, but the town never revived.