The original C64 PSU may well have been a simple 50/60Hz transformer in a box. See if you can find the original schematic.
Now, a typical mains transformer is rated at full load, and has a regulation of typically 20%. That means that a nominal 9V AC transformer is designed to produce 9V when fully loaded at its rated current. If it's unloaded, the voltage will be higher. The 20% load regulation spec means that there will be approximately 20% variation in voltage between off-load and full load.
Remember that there's also some allowable variation of the input voltage (mains voltage) and if the input is a bit high or low, the output will be too.