I think both expressions refer to the hand-held receiver. Put the phone down is to lay it on a horizontal surface (while you go answer the doorbell); hang up is to put it in its cradle and disconnect. Those who have mobile phones might have different terminology.
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Thinking SpainIs there any difference between 'put down' and 'hang up' the phone?If I'm talking on the phone while cooking pasta and the pasta is almost finished, I'll tell my friend on the phone, "I may have to put down the phone in a minute and drain some pasta." Then, when it's time, I say, "Just hang on a minute and I'll get right back to you." I don't
Thinking SpainDo you say 'up' because phones were on the wall long time ago???That is certainly an intriguing possibility, but I don't really know the origin of the expression.
AnonymousAlso, "put down the phone" has very hostile implications.That seems rather imaginative to me.