Special group among the mercantilists. Had different idea of how best to achieve the goal of accumulation of bullion that was common to both camps. Bullionists sought to revive old export prohibitions on bullion and state intervention in foreign exchange dealings through the office of the Royal Exchanger (with which all foreign exchange transactions had to be concluded). Mercantilists sought to achieve this end through trade regulation under protection of the realm. Prohibitions on export of gold and silver had existed in mediaeval times, for example Richard 2nd in the 1381 Navigation Act prohibited gold and silver export. With state regulation came charters, for example the charter for the East India Company allowing it to export bullion on each voyage to the Spice Islands.

Gerald Malynes
The greatest exponent of the bullionists. Against usury and for foreign exchange regulation. He advanced a theory of international trade through analysis of causes of gold flows and defined the correct rate of exchange on the basis of the bullion content of the respective coins. The bullionists lost their argument against the mercantilists, since prohibition on export of specie was abolished in England 1663. The Mercantilist period saw a gradual shifting of restrictions on foreign trade. By the late 17th century the encouragement of home industry and increase of employment were to become the focus of theoretical arguments, and the 'accumulation of treasure' became less important as a policy objective.