When George Eastman recognized the value of the Boston Camera Mfg. Company's Bull's-Eye he opted to copy the design and offer it under the name “Bullet.” Once he bought out the Boston Company in 1895, he took ownership of the Bull's-Eye trade name and proceeded to use it, while continuing to also market cameras under the Bullet name.

Both the Bull's-Eye and Bullet cameras were sold in a 'standard' configuration, but also as a more expensive “Special.” The difference was that the Specials had superior lenses, shutters, and apertures. A drop-down front door allowed access to the high-quality Bausch & Lomb lens to adjust aperture, shutter speed, or settings for instantaneous or time exposures. However the No. 2 Special had fixed focus which was not adjustable. The Special was priced at a substantial $18, well over double the price of a standard Bullet or Bull's-Eye No. 2.

The Bullet No. 2 Special differs from the equivalent Bull's-Eye Special in that it is capable of using either glass plates or roll film. An internal wood block, with the red exposure window for film, could be removed and a plate holder inserted through a door on the side.

The Bullet Special was discontinued in 1904, due to declining interest in plate cameras among amateur photographers. Only 4,000 were produced. (Kodak would return to the Bullet name in the 1930s.)