Sayyiduna Abu Umamah al-Bahili (may Allah be pleased with him) used to say: Recite the Qur'an; do not be deceived by these hanging copies of the Mushaf, for Allah Almighty will never punish the heart in which the Qur'an resides (i.e., the one who has memorized the Qur'an).
Hadith Referenceسنن دارمي / من كتاب فضائل القرآن / 3351
Hadith Takhrijاس اثر کی سند صحیح ہے۔ دیکھئے: [ابن أبى شيبه 10128] و [البخاري فى خلق أفعال العباد، ص: 87]
Brief Explanation
(Commentary on Hadiths 3348 to 3351)
It is understood that there is hardly any benefit in hanging the Qur’an or its verses and surahs, just as people hang Ayat al-Kursi, Surah al-Rahman, Surah Yasin, etc., or put up framed verses of the Mu‘awwidhat (the last two surahs). The real thing is to recite the Qur’an and to understand it; this alone will benefit a person in this world and the Hereafter. What will be gained by wrapping it in silk covers or hanging it as an amulet (ta‘widh)?