To find the approximate circumference of a circle using the formula:
\[ \text{Circumference} = \pi \times \text{diameter} \]
Given that the diameter is \( \frac{1}{2} \) in and using \( \pi \approx 3.14 \):
\[ \text{Circumference} \approx 3.14 \times \frac{1}{2} \]
Now, let's calculate this:
\[ \text{Circumference} \approx 3.14 \times 0.5 = 1.57 \text{ in.} \]
Thus, the approximate circumference of the circle is:
\[ \boxed{1.57} \text{ in.} \]