A prosthetic venous valve includes a self-expanding tubular body defining a fluid passageway and a pair of opposing leaflets biased in a closed configuration in which free edges of the leaflets form a scalloped commissure. The free edges may be pre-formed and/or reinforced in order to ensure sealing with each other in a consistent manner. In response to a pressure differential, the free edges of the leaflets are configured to diverge to form an elliptical outflow opening that allows flow through the tubular body. The valve leaflets may include longitudinal support wires to prevent collapse thereof.
