Just a simple console blackjack game. The bread and butter code was written with lots of comments, so you can improve on it. Really, the most important part is figuring out when an ace is 11 in value and when it is a 1 in value, so you don't bust.

# a very simple blackjack game
# in the game the cards have the following values ...
# ace 11 or 1 
# J, Q, K are 10
# the rest of the cards 2 - 10 are face value
# you start with two cards and add them up
# if you have 21, then you have the best score, a blackjack
# if you have between 18 and 21, you should stand (no more cards)
# if you have less then 18, you can hit (one more card at a time)
# once you stand the computer plays
# the better score not exceeding 21 wins
# equal scores is a draw (no winner)
# any score over 21 is a bust (busted player loses, both bust --> no winner)
# casino blackjack games have additional options and rules

from random import choice as rc

def total(hand):
    # how many aces in the hand
    aces = hand.count(11)
    # to complicate things a little the ace can be 11 or 1
    # this little while loop figures it out for you
    t = sum(hand)
    # you have gone over 21 but there is an ace
    if t > 21 and aces > 0:
        while aces > 0 and t > 21:
            # this will switch the ace from 11 to 1
            t -= 10
            aces -= 1
    return t


# a suit of cards in blackjack assume the following values
cards = [2, 3, 4, 5, 6, 7, 8, 9, 10, 10, 10, 10, 11]

# there are 4 suits per deck and usually several decks
# this way you can assume the cards list to be an unlimited pool

cwin = 0  # computer win counter
pwin = 0  # player win counter
while True:
    player = []
    # draw 2 cards for the player to start
    player.append(rc(cards))
    player.append(rc(cards))
    pbust = False  # player busted flag
    cbust = False  # computer busted flag
    while True:
        # loop for the player's play ...
        tp = total(player)
        print "The player has these cards %s with a total value of %d" % (player, tp)
        if tp > 21:
            print "--> The player is busted!"
            pbust = True
            break
        elif tp == 21:
            print "\a BLACKJACK!!!"
            break
        else:
            hs = raw_input("Hit or Stand/Done (h or s): ").lower()
            if 'h' in hs:
                player.append(rc(cards))
            else:
                break
    while True:
        # loop for the computer's play ...
        comp = []
        comp.append(rc(cards))
        comp.append(rc(cards))
        # dealer generally stands around 17 or 18
        while True:
            tc = total(comp)                
            if tc < 18:
                comp.append(rc(cards))
            else:
                break
        print "the computer has %s for a total of %d" % (comp, tc)
        # now figure out who won ...
        if tc > 21:
            print "--> The computer is busted!"
            cbust = True
            if pbust == False:
                print "The player wins!"
                pwin += 1
        elif tc > tp:
            print "The computer wins!"
            cwin += 1
        elif tc == tp:
            print "It's a draw!"
        elif tp > tc:
            if pbust == False:
                print "The player wins!"
                pwin += 1
            elif cbust == False:
                print "The computer wins!"
                cwin += 1
        break
    print
    print "Wins, player = %d  computer = %d" % (pwin, cwin)
    exit = raw_input("Press Enter (q to quit): ").lower()
    if 'q' in exit:
        break
    print

print
print "Thanks for playing blackjack with the computer!"

Can you actually assign values e.g king"queen, I am having trouble displaying the values of the cards.

Thks!.
Minimal variations for Python 3.1 & 3.2.:

# a very simple blackjack game
# in the game the cards have the following values ...
# ace 11 or 1 
# J, Q, K are 10
# the rest of the cards 2 - 10 are face value
# you start with two cards and add them up
# if you have 21, then you have the best score, a blackjack
# if you have between 18 and 21, you should stand (no more cards)
# if you have less then 18, you can hit (one more card at a time)
# once you stand the computer plays
# the better score not exceeding 21 wins
# equal scores is a draw (no winner)
# any score over 21 is a bust (busted player loses, both bust --> no winner)
# casino blackjack games have additional options and rules

from random import choice as rc

def total(hand):
    # how many aces in the hand
    aces = hand.count(11)
    # to complicate things a little the ace can be 11 or 1
    # this little while loop figures it out for you
    t = sum(hand)
    # you have gone over 21 but there is an ace
    if t > 21 and aces > 0:
        while aces > 0 and t > 21:
            # this will switch the ace from 11 to 1
            t -= 10
            aces -= 1
    return t


# a suit of cards in blackjack assume the following values
cards = [2, 3, 4, 5, 6, 7, 8, 9, 10, 10, 10, 10, 11]

# there are 4 suits per deck and usually several decks
# this way you can assume the cards list to be an unlimited pool

cwin = 0  # computer win counter
pwin = 0  # player win counter
while True:
    player = []
    # draw 2 cards for the player to start
    player.append(rc(cards))
    player.append(rc(cards))
    pbust = False  # player busted flag
    cbust = False  # computer busted flag
    while True:
        # loop for the player's play ...
        tp = total(player)
        print ("The player has these cards %s with a total value of %d" % (player, tp))
        if tp > 21:
            print ("--> The player is busted!")
            pbust = True
            break
        elif tp == 21:
            print ("\a BLACKJACK!!!")
            break
        else:
            hs = input("Hit or Stand/Done (h or s): ").lower()
            if 'h' in hs:
                player.append(rc(cards))
            else:
                break
    while True:
        # loop for the computer's play ...
        comp = []
        comp.append(rc(cards))
        comp.append(rc(cards))
        # dealer generally stands around 17 or 18
        while True:
            tc = total(comp)                
            if tc < 18:
                comp.append(rc(cards))
            else:
                break
        print ("the computer has %s for a total of %d" % (comp, tc))
        # now figure out who won ...
        if tc > 21:
            print ("--> The computer is busted!")
            cbust = True
            if pbust == False:
                print ("The player wins!")
                pwin += 1
        elif tc > tp:
            print ("The computer wins!")
            cwin += 1
        elif tc == tp:
            print ("It's a draw!")
        elif tp > tc:
            if pbust == False:
                print ("The player wins!")
                pwin += 1
            elif cbust == False:
                print ("The computer wins!")
                cwin += 1
        break
    print
    print ("Wins, player = %d  computer = %d" % (pwin, cwin))
    exit = input("Press Enter (q to quit): ").lower()
    if 'q' in exit:
        break
    print

print
print ("Thanks for playing blackjack with the computer!")
The article starter has earned a lot of community kudos, and such articles offer a bounty for quality replies.