There was a period in time (late 50s through late 60s) where stereo recording was fairly new and artists recorded dedicated mono mixes and dedicated stereo mixes. In some cases they are completely different mixes, and even sometimes different takes. Certain artists preferred the mono mixes they did (I think Dylan prefers the mono mixes of a lot of his own early albums).
Mono albums have no panning between left and right speakers. You'll hear the same exact thing coming out of your left and right speaker--it is one signal and one laterally cut groove. Stereo (especially early stereo) often used hard panning to have some instruments come out of only the left or right speakers. So you have 2 signals (L and R) and a groove that has vertical and lateral grooves cut at a 45 degree angle. Bands like Pink Floyd and the Beatles used stereo early on to give the psychedelic feel of the sound moving left and right in stereo cuts. The mono cuts don't have that and can be punchier and more focused.
True dedicated mono mixes are meant to be listened to with a mono cartridge. A stereo cartridge playing a mono record will never really give you the same exact signal in left and right. You can end up with phase errors, cross talk, and slight tracking errors that degrade sound.
As I was writing this out I see
@dhodo wrote a much more succinct response haha.