Many animals and plants have sex chromosomes that recombine over much of their length. Here we develop coalescent models for neutral sites on these chromosomes. The emphasis is on expected coalescence times (proportional to the expected amount of neutral genetic polymorphism), but we also derive some results for linkage disequilibria between neutral sites. We analyze the standard neutral model, a model with polymorphic Y chromosomes under balancing selection, and the invasion of a neo-Y chromosome. The results may be useful for testing hypotheses regarding how new sex chromosomes originate and how selection acts upon them.