Whereas I competely agree with Saul's explanation, I would like to say that, in my 54 years of speaking english, I have never said either of your sentences. I would use the verb "put". If you need to put something delicately somewhere(so it doesn't break), use "place". "Place the bone china plate on the shelf." If something needs to be put in an exact place, use "set". "Set the sundial right there." I reiterate, I have never said these words like this. "Put it down carefully.", yes. "Put it right there.", yes. For books (unless they are antiques) "put" is the verb to use. I know that inChina the written word is highly thought of, but in England a book is a book. Unless it is an antique. Hope this helps.

The words are very similar, but there is a small and subtle difference. Let's use an example: "I placed/set the plates on the table" ¬ If you use the word "place" here, it means to put the plates on the table, usually anywhere and most likely not as carefully as to "set" something. Most people will still understand if you use the word "place" here since it has the same meaning. ¬ Compared to "place," set implies a more delicate way of putting something on something else. You can usually think of this as being used when things are neatly arranged. In this example, if the plates are set on the table, it implies that they are each in front of their respective seat and neatly arranged. Here is another link from iTalki which I think might help you: http://www.italki.com/question/90148