This expression has its origin in ancient Rome: when gladiators retired as free citizens from fighting, they took their weapons to the temple of Hercules and hung them there as an offering, in gratitude for having come out alive. This formula was repeated in later centuries with any tool, clothing, accessory that was specific to a task, and was said to be "hung up" upon leaving that occupation. See "hang the cookie", "hang the habits".
* Only one "like" per meaning and day, the more "likes" the meaning will appear higher in the list