False. This is an old rumor. (From 2007.)
There was a batch of early "Presidential dollars" that didn't have their edge writing stamped in properly, the part that contains that phrase. They were considered an error, and it was corrected as soon as it was discovered. For 2009 and later, it was moved from the edge to the face. Ironically, the blank-edge coins sell for quite a bit among collectors, as do all "error" currency.
Plus, the Presidential dollar coin program has been discontinued, this year is the last year. Not enough people cared to use them, nearly all were going solely to collectors.
(I am a coin collector, so I know this controversy well. And I make a point of actually USING $2 bills, $1 coins, and 50 cent pieces as often as possible.)