The autograph manuscript, believed to have been written between 1795 and 1798, contains many incomplete sections, such as accompaniment and dynamics. The posthumously published first edition is presumed to have had its incomplete sections completed by the publisher, Diabelli. The famous title, "Rage Over the Lost Penny, Thrown into a Caprice", was inscribed on the autograph manuscript by a third party and was not given by Beethoven. The work is vigorous, characterized by extensive thematic manipulation, a strong presence of decorative and improvisatory elements throughout, constantly changing textures, and an almost continuous rhythmic drive. While there is a theory that the autograph manuscript should be regarded as an improvisational sketch, the details remain unclear.

The theme has an ABA three-part structure, with the parallel key inserted in the middle, and each four-bar phrase is unified by an ascending melodic line and chromatic embellishments.

Up to the theme beginning at measure 134, the alternation of the theme with episodes in related keys and transitional passages based on the theme suggests the development of a rondo form. However, the theme first appears in A-flat major, a key other than the tonic, and then deviates from the rondo form by transitioning from a retrograde of the thematic melody to a sequence. However, this is not problematic, as the instruction in the autograph manuscript itself is "Alla ingharese quasi un capriccio", and neither the title nor even the term "rondo" originated from the composer.

The work subsequently focuses on the manipulation of the opening theme. The way the theme's treatment changes as if by whim is truly fitting for a "capriccio". From measure 222 onwards, chromatically varied versions of the theme appear, transitioning into sequences and moving to the next section via right-hand runs. Measures 296-377 primarily focus on the treatment of harmonic progressions. This section can be divided into three parts:

• First, it begins with figures loosely related to the theme, leading to a two-measure sequence of the theme (from m. 316).
• Finally, the theme is reduced to the skeletal motive of its opening three-note rhythm and ascending leap (from m. 350).

After extensive thematic manipulation, the entire three-part theme reappears, but initially, the outline of the thematic melody is traced by chords and embellishments, with the original melodic shape finally clearly stated at measure 394, towards the end of the work. The coda is primarily woven from partial imitations of the thematic melody by the right and left hands.