How is $('<img/>') different form $('img')

How is $('<img/>') different form $('img')

I noticed this selector  $('<img/>')
I am wondering what is it really selecting? Is that different from the tag selector $('img')?

And a piece of code:

$sometihing.find('img').each(function(){

      var $img = $(this);
      $('<img/>').load(function(){

      //some function

      }).attr('src',$img.attr('src'));

}); 

Why does it have to find its own " src " and give it to itself again?

I appreciate if some can answer that for me.