Martinů composed Valse Capriccio in Polička in February 1917. The title page of the autograph, which is privately owned, bears a dedication to Zdena Maxová. In his typewritten list of Bohuslav Martinů's compositions (Šeb 1938-00-00b), Karel Šebánek notes the tempo marking of the piece – Allegretto. The composition was never published.