PSA appears to have changed the language in the standards a bit over time - several years ago MC was defined as such
MC (Miscut):
Cards with a factory miscut, such as a diamond cut, or when another card's image is on the original card will be designated "MC."
The OC qualifier was more typically used for cards that contained the image and borders on the front along with a complete, though maybe not centered, reverse where the cut of the card was parallel to the intended borders. The degree of "off center" permissible for front and back is dependent upon the standards set for a cards of each grade (as noted above by savedfrommyspokes).
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