The pdfimages output below that there is some default compression (under the ratio column). I recalled plumbing the depths of convert some time ago. The depth option did not reduce the bits per pixel. From the tests below, neither does depth in combination with monochrome. Additionally, it is odd that monochrome causes the DPI to change from 200 to 508 or 509.
One possible cause of file size inflation is the use if 8 bits/pixel. From the previous tests of convert linked to above, it seemed that the compression squeezed out space wasted by the unwanted 8 bits per pixel. From the PDF file sizes, however, it seem that if this is true, then it doesn't really make up for all of the file size inflation.
# 1st default, monochrome, 200dpi, depth 1, and combinations
convert 00?.png default.pdf
convert -monochrome 00?.png mono.pdf
convert -monochrome 00?.png -density 200x200 mono200.pdf
convert -depth 1 00?.png depth1.pdf
convert -monochrome -depth 1 00?.png monoDepth1.pdf
ls -l *.pdf
510362 default.pdf
510350 mono.pdf
510362 mono200.pdf
510362 depth1.pdf
510374 monoDepth1.pdf
for file in *.pdf ; do echo ' ' ; echo $file: ; pdfimages -list $file ; done
default.pdf:
page num type width height color comp bpc enc interp object ID x-ppi y-ppi size ratio
--------------------------------------------------------------------------------------------
1 0 image 1700 2167 gray 1 8 image no 8 0 200 200 70.1K 1.9%
2 1 image 1700 2145 gray 1 8 image no 22 0 200 200 67.8K 1.9%
3 2 image 1700 2139 gray 1 8 image no 36 0 200 200 97.8K 2.8%
4 3 image 1700 2156 gray 1 8 image no 50 0 200 200 80.2K 2.2%
5 4 image 1700 2156 gray 1 8 image no 64 0 200 200 89.9K 2.5%
6 5 image 1700 2150 gray 1 8 image no 78 0 200 200 85.2K 2.4%
mono.pdf:
page num type width height color comp bpc enc interp object ID x-ppi y-ppi size ratio
--------------------------------------------------------------------------------------------
1 0 image 1700 2167 gray 1 8 image no 8 0 200 200 70.1K 1.9%
2 1 image 1700 2145 gray 1 8 image no 22 0 200 200 67.8K 1.9%
3 2 image 1700 2139 gray 1 8 image no 36 0 200 200 97.8K 2.8%
4 3 image 1700 2156 gray 1 8 image no 50 0 200 200 80.2K 2.2%
5 4 image 1700 2156 gray 1 8 image no 64 0 200 200 89.9K 2.5%
6 5 image 1700 2150 gray 1 8 image no 78 0 200 200 85.2K 2.4%
mono200.pdf:
page num type width height color comp bpc enc interp object ID x-ppi y-ppi size ratio
--------------------------------------------------------------------------------------------
1 0 image 1700 2167 gray 1 8 image no 8 0 508 508 70.1K 1.9%
2 1 image 1700 2145 gray 1 8 image no 22 0 508 508 67.8K 1.9%
3 2 image 1700 2139 gray 1 8 image no 36 0 508 509 97.8K 2.8%
4 3 image 1700 2156 gray 1 8 image no 50 0 508 508 80.2K 2.2%
5 4 image 1700 2156 gray 1 8 image no 64 0 508 508 89.9K 2.5%
6 5 image 1700 2150 gray 1 8 image no 78 0 508 509 85.2K 2.4%
depth1.pdf:
page num type width height color comp bpc enc interp object ID x-ppi y-ppi size ratio
--------------------------------------------------------------------------------------------
1 0 image 1700 2167 gray 1 8 image no 8 0 200 200 70.1K 1.9%
2 1 image 1700 2145 gray 1 8 image no 22 0 200 200 67.8K 1.9%
3 2 image 1700 2139 gray 1 8 image no 36 0 200 200 97.8K 2.8%
4 3 image 1700 2156 gray 1 8 image no 50 0 200 200 80.2K 2.2%
5 4 image 1700 2156 gray 1 8 image no 64 0 200 200 89.9K 2.5%
6 5 image 1700 2150 gray 1 8 image no 78 0 200 200 85.2K 2.4%
monoDepth1.pdf:
page num type width height color comp bpc enc interp object ID x-ppi y-ppi size ratio
--------------------------------------------------------------------------------------------
1 0 image 1700 2167 gray 1 8 image no 8 0 200 200 70.1K 1.9%
2 1 image 1700 2145 gray 1 8 image no 22 0 200 200 67.8K 1.9%
3 2 image 1700 2139 gray 1 8 image no 36 0 200 200 97.8K 2.8%
4 3 image 1700 2156 gray 1 8 image no 50 0 200 200 80.2K 2.2%
5 4 image 1700 2156 gray 1 8 image no 64 0 200 200 89.9K 2.5%
6 5 image 1700 2150 gray 1 8 image no 78 0 200 200 85.2K 2.4%