Sceptre's extraordinary value (7)
I believe the answer is:
respect
'value' is the definition.
(I've seen this before)
'sceptre's extraordinary' is the wordplay.
'extraordinary' indicates an anagram.
'sceptre' anagrammed gives 'RESPECT'.
(Other definitions for respect that I've seen before include "Avoid offending" , "Have high regard for sceptre" , "Pacific republic" , "Admire, think highly of" , "Due regard; detail" .)