There's no need to manually set the colors. Instead, specify a grayscale colormap...
import numpy as np
import matplotlib.pyplot as plt
# Generate data...
x = np.random.random(10)
y = np.random.random(10)
# Plot...
plt.scatter(x, y, c=y, s=500) # s is a size of marker
plt.gray()
plt.show()

Or, if you'd prefer a wider range of colormaps, you can also specify the cmap kwarg to scatter. To use the reversed version of any of these, just specify the "_r" version of any of them. E.g. gray_r instead of gray. There are several different grayscale colormaps pre-made (e.g. gray, gist_yarg, binary, etc).
import matplotlib.pyplot as plt
import numpy as np
# Generate data...
x = np.random.random(10)
y = np.random.random(10)
plt.scatter(x, y, c=y, s=500, cmap='gray')
plt.show()
Answer from Joe Kington on Stack OverflowThere's no need to manually set the colors. Instead, specify a grayscale colormap...
import numpy as np
import matplotlib.pyplot as plt
# Generate data...
x = np.random.random(10)
y = np.random.random(10)
# Plot...
plt.scatter(x, y, c=y, s=500) # s is a size of marker
plt.gray()
plt.show()

Or, if you'd prefer a wider range of colormaps, you can also specify the cmap kwarg to scatter. To use the reversed version of any of these, just specify the "_r" version of any of them. E.g. gray_r instead of gray. There are several different grayscale colormaps pre-made (e.g. gray, gist_yarg, binary, etc).
import matplotlib.pyplot as plt
import numpy as np
# Generate data...
x = np.random.random(10)
y = np.random.random(10)
plt.scatter(x, y, c=y, s=500, cmap='gray')
plt.show()
In matplotlib grey colors can be given as a string of a numerical value between 0-1.
For example c = '0.1'
Then you can convert your third variable in a value inside this range and to use it to color your points.
In the following example I used the y position of the point as the value that determines the color:
from matplotlib import pyplot as plt
x = [1, 2, 3, 4, 5, 6, 7, 8, 9]
y = [125, 32, 54, 253, 67, 87, 233, 56, 67]
color = [str(item/255.) for item in y]
plt.scatter(x, y, s=500, c=color)
plt.show()

You can also assign discrete colors to the points by passing an array to c= Like this:
import numpy as np
import pandas as pd
import matplotlib.pyplot as plt
d = {"year" : (1971, 1939, 1941, 1996, 1975),
"length" : ( 121, 71, 7, 70, 71),
"Animation" : ( 1, 1, 0, 1, 0)}
df = pd.DataFrame(d)
print(df)
colors = np.where(df["Animation"]==1,'y','k')
df.plot.scatter(x="year",y="length",c=colors)
plt.show()
This gives:
Animation length year
0 1 121 1971
1 1 71 1939
2 0 7 1941
3 1 70 1996
4 0 71 1975

Use the c parameter in scatter
df.plot.scatter('year', 'length', c='Animation', colormap='jet')
