When you say 'probably' you indicate some degree of speculation on your part. Am I incorrect or do you know this to be factual?
Technically an analog VGA monitor is capable of an infinite range of grayscales, since the brightness of a spot on the screen is determined directly by the voltage level present on the input line, ranging from zero to whatever the maximum is. (don't recall off the top of my head.) "256 colors" assumes an 8-bit-per-channel DAC, which has been pretty standard since around, what, 1990? There are video cards with 30 bit or even 36-bit (10 or 12 bits per channel) DACs, connect your monitor to one of them and you'll get 1024 or 4096 grays respectively. I don't know what the resolution of the DACs used on, for instance, Macintosh computers typically were but several models going back to the LC era supported VGA-frequency monitors. Perhaps that's a possible source of the "256" number.
HOWEVER, the original VGA specification has a 6 bit-per-channel/18 bit DAC, which translates to a maximum of 64 levels of intensity if you're using one channel, which a VGA mono monitor does. Didn't make this up, it's copiously documented on the web. Google "IBM VGA shades of gray" and one of the top hits is a link to an InfoWorld article from 1987 on Google Books which relates "If you need monochrome and have software that will support VGA, you will delight in monochrome VGA's capability to produce continuous monochrome tones in 64 shades of gray". (I also recall "64" being the quoted number in IBM's sales literature, etc, etc.) See also the documentation for the "palette" command in QuickBasic, which I believe was the first BASIC to support VGA. (Was there ever a version of BASICA/GWBASIC that went beyond EGA?) It quite clearly notes that valid palette values range from 0 to 63.
Really, it's a pointless argument, but *strictly speaking* if a VGA Mono monitor is connected to a "classic" VGA card lacking a TrueColor DAC it's limited to 64 grays, no matter what the sales literature says. It's not a swipe against what you're selling, it's just how it is.
(EDIT: Believe it or not, a related limitation is still around today. Many cheaper LCD panels used in both laptops and stand-alone monitors are equipped with 18 bit digital interfaces. Those LCDs *cannot* display more than 64 shades of true gray. See this link:
http://arstechnica.com/apple/news/2007/05/lawsuit-over-mac-book-mac-book-pro-displays.ars
There are image files floating around out there which are designed explicitly to reveal what the color depth of your LCD truly is, and they involve counting greyscale levels.)