This version is old school.
Please find jQuery plugins on npm.
jQuery brokenImage
by Alex Rabarts
brokenImage is a jQuery plugin that is able to detect and replace images that are either broken or are taking a long time to load. The default replacement is a transparent GIF (no extra image file required). The replacement image and the timeout for slow-loading images are configurable.
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Version
Date
1.0.0
Feb 14, 2013