To find the circumference of a circle, you can use the formula:
\[ \text{Circumference} = \pi \times \text{diameter} \]
Given that the diameter is \( \frac{1}{2} \) inch and using \( \pi \approx 3.14 \):
\[ \text{Circumference} = 3.14 \times \frac{1}{2} \]
Calculating that:
\[ \text{Circumference} = 3.14 \times 0.5 = 1.57 , \text{inches} \]
Thus, the approximate circumference of the circle is:
\[ \boxed{1.57} , \text{in.} \]