**Core Concept**
The metacarpals are long bones of the hand, connecting the wrist to the fingers. The epiphysis is the growth plate or end part of a long bone that ossifies separately from the main body of the bone. Understanding the anatomy of the metacarpals, including the location of their epiphyses, is crucial for diagnosing and treating hand injuries and conditions.

**Why the Correct Answer is Right**
The metacarpals of the hand, except for the fourth metacarpal, have a single epiphysis located near the head of the metacarpal. This means that the epiphysis is typically situated close to the base of the proximal phalanx. The location of the epiphysis is essential for bone growth and development, and any abnormalities in the epiphysis can lead to conditions such as slipped capital femoral epiphysis (SCFE) or other growth plate disorders. The fourth metacarpal, on the other hand, has a unique anatomy, with the epiphysis located more distally, near the neck of the metacarpal.

**Why Each Wrong Option is Incorrect**
* **Option A:** This option is incorrect as there is no specific metacarpal that is known to have an epiphysis located near the base of the metacarpal. The epiphysis is usually found near the head of the metacarpal, except for the fourth metacarpal.
* **Option B:** This option is incorrect as the second metacarpal is one of the metacarpals that has an epiphysis located near the head of the metacarpal, just like the other metacarpals except the fourth.
* **Option D:** This option is incorrect as there is no specific metacarpal that is known to have an epiphysis located near the distal end of the metacarpal. The epiphysis is usually found near the head of the metacarpal, except for the fourth metacarpal.

**Clinical Pearl / High-Yield Fact**
The fourth metacarpal is a unique bone that has a distally located epiphysis, making it prone to certain injuries and conditions. It is essential for orthopedic surgeons and medical students to be aware of this anatomical variation to provide accurate diagnoses and treatments.

**Correct Answer: C.**