An implantable prosthetic valve (10), according to one embodiment, comprises a frame (12), a leaflet structure (14), and a skirt member (16). The frame can have a plurality of axial struts (20) interconnected by a plurality of circumferential struts (22, 24). The leaflet structure comprises a plurality of leaflets (e.g., three leaflets arrange to form a tricuspid valve). The leaflet structure has a scalloped lower edge portion secured to the frame. The skirt member can be disposed between the leaflet structure and the frame.
