Given that it implies a christian god, I would say yes it does, but United States Court of Appeals for the Ninth Circuit ruled that the motto does not violate the First Amendment to the Constitution. The United States Supreme Court has not ruled on the issue. They (the ninth circuit) basically said god in the motto is generic and doesn't put one religion over another, never mind that the government shouldn't be involved in religion at all.
BTW "In God we trust" as a motto for currency first appeared on coins in 1864