An implantable prosthetic valve (10), according to one embodiment, comprises aframe (12), aleaflet structure (14), and a skirt member (16). The frame can have aplurality of axial struts (20)interconnected by a plurality of circumferential struts (22, 24). The leafletstructure comprises aplurality of leaflets (e.g., three leaflets arrange to form a tricuspidvalve). The leaflet structurehas a scalloped lower edge portion secured to the frame. The skirt member canbe disposedbetween the leaflet structure and the frame.