To find the circumference of a circle, you can use the formula:
\[ C = \pi \times d \]
where \( C \) is the circumference, \( \pi \) is approximately 3.14, and \( d \) is the diameter.
Given that the diameter \( d \) is \( \frac{1}{2} \) inch, we can substitute this value into the formula:
\[ C = 3.14 \times \frac{1}{2} \]
Calculating this gives:
\[ C = 3.14 \times 0.5 = 1.57 \]
Therefore, the approximate circumference of the circle is 1.57 inches.